After months of anticipation, SpaceX made its IPO filing public today after market close. The prospectus (filed under Nasdaq ticker SPCX) lifts the veil on Elon Musk's rocket, satellite, and AI conglomerate for the first time. Bloomberg reported the filing reveals billions in losses alongside a super-voting share structure that ensures Musk cannot be removed against his will.

At a target raise of roughly $75 billion, this would eclipse Saudi Aramco's $29.4B offering as the largest IPO ever. The valuation, at $1.75 trillion to over $2 trillion, would instantly make SpaceX one of the world's most valuable publicly traded companies. For context, Nvidia currently holds the crown at $5.4 trillion.

The S-1 paints SpaceX as far more than a launch company. Per TechCrunch's review, SpaceX now operates as a technology conglomerate spanning satellites (Starlink), AI, and space infrastructure and plans to deploy orbital AI data centers as early as 2028, with FCC approval sought for up to 1 million satellites to function as a data center network in space.

On Starship: the filing states SpaceX expects Starship to begin payload delivery to orbit in the second half of 2026, with Starlink V2 mobile satellites following in 2027. The Starship program spent $3 billion in R&D in 2025 alone. AI segment R&D costs skyrocketed over 300% to $5.06 billion, driven by GPU depreciation and cloud infrastructure.

Rocket Lab had a breakout week on multiple fronts. The company reported Q1 2026 earnings on May 8 that topped estimates across the board: space systems revenue hit $136.7 million (vs. $132.1M expected) and its launch segment generated $63.7 million (vs. $59M expected). Backlog doubled from a year ago.

CEO Peter Beck also announced the largest launch deal in company history and revealed plans to acquire Motiv Space Systems for $40M cash, a robotics firm that builds mechanisms for Mars rovers and space exploration hardware. The deal deepens Rocket Lab's spacecraft manufacturing capabilities and positions it for NASA and deep-space contracts.

On the defense side, Rocket Lab and Raytheon were jointly selected for the U.S. Space Force's Space-Based Interceptor (SBI) program, a core piece of the Golden Dome architecture. Additionally, Anduril hired Rocket Lab for hypersonics work, and the Space Force's Chief of Space Operations General Chance Saltzman visited the company, a high-profile endorsement of its defense role.

AST SpaceMobile had a mixed but ultimately bullish week. On May 11, the company reported Q1 results showing revenue of $14.74 million (well below the $38M analyst consensus) though management attributed the miss to gateway hardware timing and government contract milestone scheduling rather than structural deterioration. Full-year guidance of $150–$200M was reaffirmed.

The bigger news came from two fronts. First, AST confirmed its "BlueBird convoy is officially underway" two Block 2 BlueBird satellites have departed the Texas manufacturing facility bound for Cape Canaveral, with a third "close behind." CEO Abel Avellan reiterated the company remains on target to deploy 45 satellites this year.

Second, AT&T, T-Mobile, and Verizon are forming a joint venture to tackle U.S. mobile dead zones using direct-to-device satellite connectivity. AST SpaceMobile is expected to be a key technology partner. The carrier collaboration aligns precisely with AST's core model: space-based cellular that works with unmodified smartphones.

Additionally, the FCC granted AST commercial authority in April to deliver direct-to-device cellular broadband from space, a regulatory milestone that clears the path for commercial revenue ramp in H2 2026.