Elon Musk's SpaceX filed plans for what could be the largest IPO ever, revealing quarterly sales of $4.7bn against a $1.9bn operating loss. The filing offers the first detailed look at the rocket maker's finances ahead of a potential Nasdaq listing under the SPCX ticker. While final size remains undisclosed, Musk's special share class will give him control of 85 per cent of voting power.

Previous reports suggested a $75bn raise at a $1.75tn valuation, which would surpass any prior listing. The company also disclosed a major AI partnership, leasing data centre resources to Anthropic for $1.25bn a month through May 2029. This revenue stream highlights SpaceX's push beyond its core rocket business into high-margin computing.

Investors face significant risks, including satellite collisions with space debris and intense competition for AI talent against rivals like OpenAI. The filing also warns that ambitious projects—from lunar economies to human augmentation—may never turn commercial. Furthermore, Musk's control creates inherent conflicts with his other ventures, notably Tesla, requiring careful governance as the company goes public.