SpaceX Corp. today filed for its initial public offering, the same week OpenAI Group is reportedly preparing to submit its IPO paperwork to regulators as early as Friday. The Wall Street Journal reports OpenAI may list in September, though sources caution the timeline could shift.
The IPO updates follow a jury's dismissal of Elon Musk's high-profile lawsuit against OpenAI, a case that could have complicated the ChatGPT developer's public market debut. Anthropic PBC, OpenAI's top rival, is also expected to file for an IPO later this year.
SpaceX generated $4.69 billion in Q1 sales, a 15% year-over-year increase-less than half the 33% growth it posted in 2025. The company logged a net loss of $4.28 billion in Q1, compared to $4.94 billion in all of 2025.
Its biggest revenue driver is Starlink, which posted $3.25 billion in Q1 sales, up 27% year-over-year. Starlink accounts for all of SpaceX's adjusted EBITDA.
The company's future growth depends on its new V3 satellite design, weighing two tons with a terabit per second of download bandwidth-10 times more than current units. V3 satellites include antennas that allow devices to connect without a separate terminal.
SpaceX plans to begin V3 deployment in the second half of 2026 using Starship, aiming to launch 60 satellites per trip, adding 20 times more bandwidth per launch than Falcon rockets.
Longer term, Starship will deploy satellites with AI chips based on the V3 design but with larger solar arrays, each generating 100 kilowatts per ton.
SpaceX also disclosed details on its AI infrastructure business. Earlier this month, it signed a deal to provide Anthropic access to its Colossus supercomputer. The filing reveals the agreement is worth $1.25 billion per month through May 2029 and includes a second supercomputer, Colossus 2.
SpaceX will list on Nasdaq under ticker SPCX. Underwriters include Goldman Sachs and Morgan Stanley, who are reportedly also working with OpenAI.
The Journal reports OpenAI's IPO paperwork will be filed confidentially. The company received an $852 billion valuation in its last funding round; Reuters says its market cap could reach $1 trillion.