Countdown to launch: SpaceX's record-breaking IPO - PitchBook
06:49 PM June 10, 2026
SpaceX unveils AI1, its first orbital data center, ahead of Friday IPO
On Monday, SpaceX unveiled the AI1, its first-generation orbital data center (an unusual move for a company actively in a pre-IPO quiet period). In a video posted to X, Musk said, "The AI satellite is much simpler than a Starlink satellite," referring to its design.
When Elon Musk announced SpaceX would acquire xAI, he said the deal was all about putting data centers in space.
"Global electricity demand for AI simply cannot be met with terrestrial solutions," he wrote. "Space-based AI is obviously the only way to scale."
SpaceX isn't the first company to float the idea. For years, a number of VC-backed companies have been developing space-based data center technology. In October, one of these startups, Starcloud, launched a satellite equipped with an Nvidia H100 and trained an open-source large language model.
03:44 PM June 10, 2026
US stock indexes tumble as inflation and Iranian war heat up
SpaceX's IPO could launch into choppy waters on Friday.
All major US stock indexes were down on Wednesday following a one-two punch of news. First, President Trump announced that the US would hit Iran "very hard" after a US helicopter was downed on Monday.
Then the US Bureau of Labor Statistics reported that inflation in May rose to 4.2% -- its highest level in three years.
Subsequently, the Nasdaq, where SpaceX will debut, sunk by nearly 2%.
03:21 PM June 10, 2026
The (x)AI story inside SpaceX: "The financials look reckless."
SpaceX's S-1 provides the clearest financial picture to date of the inner workings on xAI, the AI frontier lab Elon Musk set up in 2023 and maker of the Grok large language model.
There's long been speculation about large language model developers like OpenAI and Anthropic having very high burn rates as they've secured multi-billion-dollar commitments for chips and compute capacity.
In February, SpaceX announced it was acquiring xAI, with Musk justifying the acquisition as a key step in the company's quest to put AI data centers into space. The space company's S-1 has since revealed:
"The financials look reckless," said PitchBook analyst Harrison Rolfes when asked for his thoughts.
Read about the xAI details from SpaceX's S-1 here.
05:17 PM June 9, 2026
Diving under the hood of SpaceX's financials
SpaceX publicly filed its S-1 in late May. Here are PitchBook senior analyst Franco Granda's main takeaways from the 300-page document:
Read the full report here.
05:20 PM June 8, 2026
AI IPO race kicks off now that OpenAI and Anthropic have confidentially filed with the SEC
OpenAI announced it has confidentially filed its S-1, setting off the race for the mega AI IPO. A week earlier, Anthropic announced it had done the same.
Details for both IPOs are scant, but they are most certainly watching how SpaceX performs and the market's appetite for such large listings.
The ChatGPT-maker's CEO, Sam Altman, was recently cleared in a long legal fight with SpaceX CEO Elon Musk, who claimed Altman tried to swindle him and steal the company. Read more about the AI IPO race here.