SpaceX Plans Record $75B IPO Following Controversial xAI Merger That Created $1.25T Company With Billions in Combined Losses

SpaceX plans to raise up to $75 billion when it goes public this month, the company said on Wednesday. The offering would exceed the previous record of $26 billion set by Saudi Aramco in 2019. The space exploration company was valued at $800 billion last year.

25 trillion after it merged with Elon Musk’s artificial intelligence company xAI in February. 7 billion in revenue, according to a May regulatory filing. 4 billion in operations last year, according to a company document.

Musk got SpaceX to buy xAI earlier this year despite protests from some SpaceX investors that the transaction was a bailout and unethical given that he was a controlling shareholder in both. Anthropic, the maker of the Claude chatbot, was formed in 2011 by ex-OpenAI leaders. It was recently valued at $965 billion.

U.S. Securities and Exchange Commission for a proposed IPO. Anthropic has said it is making annualized revenue of $47 billion from selling its technology to people and organizations using Claude to write code and do other work and personal tasks on their behalf.

OpenAI began in 2015 as a nonprofit dedicated to developing AI for the common good. It is now a company valued at $852 billion planning an IPO as soon as this fall. OpenAI has not yet reported filing initial IPO paperwork with the SEC.

In an unsuccessful lawsuit against OpenAI and its top executives, Elon Musk, an OpenAI co-founder, claimed the company diverted from its founding mission to make more money. OpenAI countered that Musk was simply seeking a bigger slice of the company. Google designed the Gemini AI assistant in response to a competitive threat posed by OpenAI’s ChatGPT, which came out in late 2022.