From rocket manufacturer to AI computing power ambition: Musk locks in absolute control over SpaceX, aiming to create a "space AI beast."

The overall financial APP noticed that SpaceX opened its IPO application file on Wednesday, revealing to investors Elon Musk's huge losses in the AI field, and also revealing how he is betting the future of the company on transforming the rocket factory into an AI giant. The company's prospects largely depend on SpaceX's dominance in non-existent technologies and markets - from Mars missions to space AI data centers. For many, Musk's past success in making Tesla the world's most valuable car company and developing the world's first fully reusable rocket and largest satellite network is enough to justify this investment. The prospectus discloses Musk's absolute control over SpaceX, while giving shareholders very little say. The document shows that since the acquisition of xAI in February, AI has become the core of the company and has been driving most of the company's expenses and losses in the first quarter. The IPO is expected to be the first in the United States to surpass a valuation of $1 trillion, instantly making SpaceX one of the most valuable public companies in the world. Of the three major business segments of SpaceX, only the interconnection sector driven by the satellite internet department Starlink achieved profitability in the first three months of this year. Although Starlink generated $1.19 billion in operating profit, it was still not enough to prevent the company from recording a total operating loss of $1.94 billion in the first quarter, with revenue of $4.69 billion in that quarter. Just the AI department alone, with revenue of $818 million, held a loss of $2.47 billion. Musk's acquisition of xAI, his social media and AI company, has brought new capabilities and opportunities to SpaceX, but also staggering expenses - accounting for 76% of the company's $10.1 billion in capital expenditures in the first quarter - and new losses. The company's future income streams are largely dependent on technologies that have not yet been developed, including operating data centers powered by CECEP Solar Energy in space to tap into a potential market worth $28.5 trillion. Since its founding by Musk in 2002, SpaceX has evolved into the world's largest space company by launching thousands of Starlink internet satellites, revolutionizing space economics with its pioneering application of reusable rockets, forcing competitors like Bezos' Blue Origin to play catch up. A successful stock sale could see the company's valuation reach a record $1.75 trillion, making its founder potentially the first trillionaire in history. The document also shows that Musk will retain control of 85.1% of the company's merged voting rights. As the company undergoes regulatory disclosures, this crucial week for the rocket manufacturer takes place as it prepares for the test flight of its next-generation Starship rocket on Thursday. While the board has handed over control of the company to Musk, most of his compensation is tied to extremely ambitious goals, such as establishing a permanent human settlement on Mars and building a space data center with computational power equivalent to 100 terawatts (or 100,000 gigawatt nuclear reactors). SpaceX plans to go public as early as June 12, with the roadshow scheduled to start on June 4 and the stock sale expected to take place as early as June 11. With the biggest bottleneck in global AI data centers shifting from "AI chips" to "power systems and deployment," SpaceX's narrative of "sending data centers into space, powered by CECEP Solar Energy" is entering an engineering trial-and-error period, and the capital market urgently needs larger and more stable capital pools and more unified organizational boundaries. In Musk's AI computing infrastructure plan, as the AI boom is beginning to experience bottlenecks in increasingly large-scale infrastructure and energy supply, the next major leap in artificial intelligence may not occur on land, but in space. SpaceX plans to launch an astonishing 1 million satellites, which will serve as a distributed space-level cloud computing super server system. These orbiting data centers are said to utilize nearly infinite CECEP Solar Energy power to handle massive artificial intelligence workloads. Musk believes that to achieve this goal, a super satellite factory must be built on the moon to realize lunar electromagnetic launching of AI super satellites. Undoubtedly, his extravagant visions resembling Hollywood science fiction will require massive cash - and the potential SpaceX IPO will be a major source of funding. As the richest person in the world, Musk has achieved what many thought impossible - building a commercially viable high-frequency rocket launch business with SpaceX, making electric vehicles mainstream with global leader Tesla Inc., and providing internet connectivity infrastructure from space through Starlink. However, some investors question whether Musk can really build his latest "epic" chip-making operation in Austin and whether he can achieve his visions of "artificial intelligence, autonomous driving, humanoid Siasun Robot&Automation, and space AI data center super blueprints." Musk's Absolute Control Analysts and scholars say that for some investors, Musk's personal image as a superstar CEO may be more important than the fundamentals of SpaceX, as there are no other peer companies to use as a benchmark for its valuation. Rina Agawal, finance professor at Georgetown University, said, "There is a kind of halo effect around Musk and his unconventional vision." "Valuing such companies is difficult because there is no peer group for comparison." Once the $1.75 trillion valuation target is achieved, it will surpass the record set by Saudi Aramco in its 2019 IPO. Saudi Aramco was valued at $1.7 trillion when it went public on the Riyadh Stock Exchange, setting the record for the largest IPO in the world. Reuters previously reported that SpaceX planned to raise over $75 billion in this offering. The prospectus shows that SpaceX will use a dual-class stock structure, with B class shareholders having 10 votes per share, thereby concentrating control in the hands of Musk and a few other insiders; while A class shares sold to the public will have one vote per share. The company has adopted multiple provisions that severely restrict shareholder rights, including requiring legal disputes to be resolved through arbitration, limiting the venue for lawsuits, and protecting Musk from dismissal by anyone other than Musk himself. The size of this offering has raised concerns about the increasingly intertwined structure of Musk's business empire, commonly referred to as the "Muskonomy," which includes the leading electric car company Tesla, as well as his businesses in the AI and brain-computer interface fields. SpaceX merged with Musk's AI startup xAI, valuing the rocket company at $1 trillion and Grok, the developer of the AI chat Siasun Robot&Automation, at $250 billion. The document shows that through its AI infrastructure platform, SpaceX has signed agreements stipulating that Anthropic will pay $1.25 billion per month to use the computational power of its Colossus and Colossus II data center clusters located in Memphis, Tennessee, by May 2029. The company also disclosed that it has been named as a defendant in multiple lawsuits due to its AI chat Siasun Robot&Automation Grok's image generation and editing features. Escalating Space Race With private companies such as SpaceX and Blue Origin competing to reduce launch costs, deploy satellite networks on a large scale, deploy AI data centers in space, and compete for government contracts, the race for commercializing space is intensifying. SpaceX's revenue is driven by the world's largest satellite operator, Starlink. This network of about 10,000 satellites provides broadband internet to consumers, governments, and business customers. But the company's expanding footprint in aviation, maritime, and enterprise markets is helping to transform capital-intensive space projects into a steady stream of recurring revenue engines. Media reports in April indicated that SpaceX plans to allocate a large portion of stock to retail investors and will host about 1,500 retail investors at an event in June. The company is expected to list on the Nasdaq and Nasdaq Texas, with the stock code "SPCX." Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan are serving as joint lead underwriters.