Story perspectives

SpaceX Files $2 Trillion IPO; Musk Keeps 85% Control

5/25/2026

Summary

SpaceX Files IPO

SpaceX filed an S-1 on May 20 2026 to list on Nasdaq as SPCX.
The filing seeks a $1.75-$2 trillion valuation and gives Elon Musk, SpaceX CEO, 85.1% voting control.
SpaceX posted $18.7 billion revenue and a $4.9 billion loss for 2025, then lost $4.27 billion in Q1 2026, with Starlink delivering 69% of revenue as the only profitable unit.
Anthropic will pay $1.25 billion monthly for SpaceX data-center capacity through May 2029, with briefings June 4 2026 and trading June 12 2026.

Summary

Tech Giants Appeal

Google is appealing the monopoly ruling that could reshape antitrust enforcement in tech.
Elon Musk is appealing a court decision on his OpenAI allegations, saying the judgment hinged on a calendar technicality.
U.S. President Donald Trump’s administration allocated $2 billion to nine quantum-computing firms and will hold equity for taxpayers.
ARM Holdings’ shares rose about 170% in 2026, the strongest three-day rally in over two years, after Nvidia’s record quarter.

History

Historical Context

After the 1998 United States v. Microsoft trial—joined by 19 states and ending with a 2001 settlement that softened breakup demands—U.S. antitrust shifted from structural remedies toward the rule-of-reason. That legacy now frames Google’s current monopoly appeal and SpaceX’s S-1 filing, where regulators weigh whether to impose structural caps or voting-power limits on tech giants.

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SpaceX Files IPO

SpaceX filed an S-1 on May 20 2026 to list on Nasdaq as SPCX.
The filing seeks a $1.75-$2 trillion valuation and gives Elon Musk, SpaceX CEO, 85.1% voting control.
SpaceX posted $18.7 billion revenue and a $4.9 billion loss for 2025, then lost $4.27 billion in Q1 2026, with Starlink delivering 69% of revenue as the only profitable unit.
Anthropic will pay $1.25 billion monthly for SpaceX data-center capacity through May 2029, with briefings June 4 2026 and trading June 12 2026.

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