IPO Season Is Here

AI is finally starting to move from investor mania and private-market hype to public-market scrutiny. On Wednesday, SpaceX filed its long awaited S-1, revealing Elon Musk’s sprawling empire spanning the rocket and satellite company, artificial intelligence (xAI) and social media (X).

In 2025, SpaceX reported $18.7 billion in revenue and $4.9 billion in losses thanks to heavy investments in AI infrastructure. The rocketmaker is expected to reach a $1.75 trillion valuation at IPO. The filing also revealed Musk’s long term goals which include building non-Earth based, orbital datacenters and establishing a colony of a million people on Mars. Unsurprisingly, Musk, who is expected to become the world’s first trillionaire after the blockbuster IPO, maintains his iron grip of control over the company with 85% of voting power.

The filing also revealed that a fifth of X’s 500 million users use its AI chatbot Grok which has in the past faced regulatory scrutiny for producing nonconsensual deepfakes. The company said the AI tool’s “spicy” mode poses potential reputational and legal risks including “nonconsensual or exploitative imagery” and misinformation.

Other major players like OpenAI and Anthropic are barreling towards their own IPOs. Anthropic’s revenue is expected to more than double to $10.9 billion in the second quarter—marking the first time it will turn a profit, the Wall Street Journal reported. Once considered a laggard in the AI race, Anthropic’s impressive financials prove that an AI company doesn’t have to sacrifice near-term profitability for exponential growth and capital expenditure.

Let’s get into the headlines.

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