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- SpaceX files for Nasdaq IPO under SPCX as Musk holds 85.1% voting control
SpaceX files for Nasdaq IPO under SPCX as Musk holds 85.1% voting control
Bay Area Times
May 21, 2026
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Top stories today:
- SpaceX files for Nasdaq IPO as Musk holds 85.1% voting control
- OpenAI said to prepare confidential IPO filing Fri., targeting Sep. debut
- Anthropic expects $10.9B in Q2 revenue, $559M operating profit
- NVIDIA Q1 FY27 revenue +85% YoY to $81.6B, net income +211%
- Cohere releases Command A+ open model for agentic tasks
0. Data and calendar
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All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. SpaceX files for Nasdaq IPO under SPCX as Musk holds 85.1% voting control
SpaceX revenue +33% YoY to $18.7B on a $4.9B loss as costs and expenses reached $21.3B:
Jun. 4: proposed share sale terms are expected to be disclosed, with pricing set for Jun. 11.
SpaceX listed at least 1M inhabitants on Mars among its long-term goals.
Anthropic is paying SpaceX $1.25B/month through May 2029 under its compute agreement, according to the S-1 filing.
SpaceX capex rose to $20.7B in 2025 from $11.2B a year earlier.
SpaceX plans another $2.8B in turbine purchases for data centers, including a $2B mobile gas turbine deal tied to ongoing litigation.
Starlink subscribers reached 8.9M in 2025
+105% YoY to 10.3M Starlink subscribers in Q1 2026.
Starlink accounted for ~67% of SpaceX sales in Q1 2026.
Grok and X had a combined 550M MAUs as of Mar. 2026, with 117M using Grok AI features.
SpaceX set aside $530M for potential litigation losses, including lawsuits tied to Grok’s “Spicy” mode.
Relatedly, Binance has launched SpaceX pre-IPO perpetual futures on its platform.
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3. OpenAI said to prepare confidential IPO filing Fri., targeting Sep. debut
Goldman Sachs and Morgan Stanley are reportedly helping OpenAI draft an IPO prospectus for regulators.
The plans remain fluid and could still change.
OpenAI won a legal fight with Elon Musk earlier this week, clearing a major roadblock.
Sam Altman has reportedly pushed for an IPO, while OpenAI’s CFO told leaders the company may need more time.
Separately, OpenAI said an internal reasoning model disproved a 1946 Paul Erdős geometry conjecture
OpenAI tested how model success rates changed with more test-time compute after verifying the initial proof:
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