SpaceX's IPO Filing Reveals Mars Colonies, Anthropic's $15B Deal, and Musk's $737B Pay Package

SpaceX filed its S-1 IPO prospectus this week, offering the first detailed public look at the financials behind Elon Musk's rocket and AI empire. While the filing omitted key pricing details investors are waiting on — share price and valuation range — it exposed a trove of surprising data about the company's revenue streams, capital spending, and Musk's extraordinary compensation structure.

The centerpiece of the filing is Musk's compensation package, which could be worth roughly $737 billion if fully vested. That figure breaks down into two components: approximately $583 billion tied to one billion shares that vest only if SpaceX hits a $7.5 trillion market cap AND establishes a permanent human Mars colony of at least one million inhabitants, and a separate ~$154 billion award of roughly 302 million shares linked to orbital data centers delivering 100 terawatts of compute annually alongside a ~$6.6 trillion market-cap milestone. Musk must remain employed at SpaceX to collect, and the billion-share award is split across 15 tranches. It is almost certainly the most unusual executive compensation trigger in IPO history.

On the revenue side, the filing reveals that AI safety company Anthropic is paying SpaceX $1.25 billion per month for cloud and compute access — running through May 2029 and totaling roughly $15 billion. The compute in question refers to SpaceX's Colossus and Colossus II supercomputer facilities, which are designed for large-scale AI model training. The agreement begins in May 2026, making it a significant near-term revenue catalyst.

Perhaps the most striking financial detail is where SpaceX is actually spending its money. In Q1 2026, capital expenditures for the AI segment — covering xAI projects including the Grok chatbot — hit $7.72 billion, dwarfing the $1.05 billion spent on the Space segment (rockets, Starship, Super Heavy) and the $1.33 billion on Connectivity (Starlink). The 2025 full-year figures tell the same story: $12.73 billion for AI versus $3.83 billion for rockets. SpaceX, in other words, is increasingly an AI infrastructure company that also launches rockets.

Control of the company remains tightly held: Musk commands 85.1% of combined voting power through roughly 5.57 billion shares, meaning public shareholders will have virtually no say in corporate governance. The structure, combined with Mars-colony compensation triggers and billion-dollar AI bets, signals that SpaceX's IPO is unlike any other in recent memory.