SpaceX's AI unit lost $6.4 billion in 2025, but the spending may reveal Elon Musk's biggest bet yet: building AI infrastructure at unprecedented scale.

SpaceX is targeting a $1.77 trillion IPO on June 12, the largest in history. The real bet is on who owns the AI economy's rails, from Starlink to its xAI merger.

It's a gamble that comes with limited voting rights, restricted ability to sue and a business that is currently losing billions of dollars a year.