Meanwhile, Musk's own corporate empire is moving toward the public markets on a separate track. SpaceX, which owns Musk's AI venture xAI, has disclosed IPO plans that could value the rocket and satellite company at $1.25 trillion. A Portuguese-language BBC report from May cited SpaceX's 2025 revenue of $18.6 billion against a net loss of $4.9 billion, with first-quarter 2026 sales of $4.7 billion and a net loss of $4.3 billion. The company carried $102 billion in assets and $60.5 billion in debt. JP Morgan has been marketing a potential $75 billion offering of 555.6 million new shares, which would imply a $1.75 trillion market capitalization, with a June 12 target date for a first listing.
Wedbush analysts have assigned more than 80% odds to a Tesla-SpaceX merger by 2027, citing operational overlap including a joint Terafab manufacturing facility and Tesla's prior $2 billion investment in xAI. Tesla shares dipped nearly 1% in pre-market trading when the Wedbush note circulated in September.
Anthropic's compute demands are already pulling infrastructure providers into the public sphere. Nscale filed for a NYSE listing on September 18, anchored by a $44.6 billion contract to supply 460 megawatts of capacity to Anthropic at its Monarch campus. Nscale's first-half revenue surged more than 1,250% to $140.6 million, while its net loss widened to $1.02 billion. Nvidia has taken at least $1 billion of Nscale's $3.1 billion in convertible notes.