SpaceX’s IPO S-1 filing was made public on May 20^th, 2026.¹

After it was published, we dove into the filing and pulled out 5 key takeaways for SpaceX’s initial public offering (IPO) and how investors can get exposure through AI ETF AGIX, the KraneShares Artificial Intelligence & Technology ETF.

1. SpaceX’s Eye-Catching Total Addressable Market & Revenue Breakdown

SpaceX has identified a “quantifiable” total addressable market (TAM) of $28.5 trillion dollars, which it calls the largest actionable TAM in human history.¹

This 28.5 trillion figure spans three broad areas: $370 billion in Space, $1.6 trillion in Connectivity, and $26.5 trillion in AI.¹

Additionally, SpaceX’s S‑1 confirms what many investors suspected: Starlink has overtaken the company’s Space segment (“launch”) as the main driver of the company’s revenue.

Revenue Highlights:

• Starlink now accounts for the majority of SpaceX revenue and is already generating attractive operating margins, with the Connectivity segment delivering $11.39 billion dollars of revenue in 2025 and 3.26 billion dollars in the first quarter of 2026.¹
• Starlink is also experiencing rapid subscriber growth, and SpaceX’s S-1 stated that  Starlink’s TAM of $1.6 trillion is split between $870 billion for fixed Starlink broadband and about $740 billion for Starlink mobile services.¹
• Launch remains an important contributor but is no longer the primary economic engine of the business.
• The filing shows that the Launch segment is a scaled but lower‑margin business, with growth across government and commercial contracts offset by heavy depreciation and ongoing R&D for Starship, reusable boosters, and related infrastructure.

Investors should think of Launch as the technological and financial foundation on which higher‑margin recurring Starlink and data service revenues are being built.

2. SpaceX Is Currently Operating At A Loss

While revenue growth has been strong across all segments (Space, Connectivity, and AI), the S-1 makes clear that SpaceX is still in investment mode.

SpaceX reported a sizeable net loss over the most recent twelve‑month period, driven by depreciation on rocket and satellite fleets, data‑center build‑outs, and elevated R&D tied to xAI and GPU‑rich supercomputing infrastructure.

In 2025, the company generated $18.7 billion in revenue but reported a $4.9 billion net loss, reflecting the capital intensity of building a global communications network, scaling next-generation launch systems, and constructing an AI-ready compute stack.¹ Segment disclosures highlight that the AI business, in particular, is the largest contributor to losses even as it ramps up revenue.

The company explicitly frames these losses as front-loaded investments designed to secure durable advantages in space, global connectivity, and AI infrastructure rather than as a sign of structural weakness in the underlying businesses. We believe this aligns with how public mega-cap technology companies are framing their exponentially growing capital expenditures.

3. SpaceX Teams Up With Anthropic In A Big Way

One of the more important surprises in the IPO filing is that SpaceX is not just pitching investors on launch and Starlink. The filing shows the company is also monetizing AI infrastructure, including third-party compute capacity tied to Anthropic, which is emerging as a major early customer.

That matters for AI ETF AGIX because Anthropic and SpaceX are both private portfolio holdings, and the filing now makes clear that the relationship between the two is not just thematic. It is commercial, large-scale, and financially meaningful.

• SpaceX said it entered into Cloud Services Agreements with Anthropic covering access to compute capacity across COLOSSUS and COLOSSUS II.¹
• Under those agreements, Anthropic agreed to pay $1.25 billion per month through May 2029, with reduced pricing during the initial May and June 2026 ramp period.¹
• If the agreements remain in place for the full term, they imply more than $40 billion of potential contracted revenue, although either party can terminate with 90 days notice.¹

4. SpaceX Crypto Exposure & Governance Structure

One of the most anticipated disclosures in the filing is SpaceX’s crypto exposure. For the first time, investors get a concrete number on the company’s bitcoin holdings, rather than relying on secondary reports or social media commentary.

• SpaceX disclosed holdings of 18,712 bitcoin, with a reported fair value in the roughly $1.3–$1.5-billion-dollar range as of early 2026, placing it among the largest corporate holders globally.¹

The S‑1 also classifies the governance structure and broader Musk ecosystem that investors are buying into. This has implications for both control and strategic direction.

SpaceX will be listed as a “controlled company,” with super-voting shares and other mechanisms that ensure Elon Musk maintains effective control post‑IPO.¹

The filing outlines a complex corporate structure in which SpaceX owns xAI, and xAI in turn owns X (formerly Twitter), alongside emerging AI data‑center and chip‑fabrication initiatives, making the IPO a vehicle for exposure to a vertically integrated Musk platform across launch, connectivity, AI, and social media.

5. SpaceX Valuation, Capital, and Timing

Finally, the prospectus and surrounding disclosures help calibrate expectations for valuation, capital raised, and timing.

• Reporting around the filing points to an IPO that could value SpaceX upwards of $2 trillion dollars, which would place it among the world’s largest technology companies at the time of listing.¹
• Through the IPO, SpaceX aims to raise $75 billion in proceeds to support its Connectivity and AI business segments.¹
• SpaceX is targeting a June 12^th listing on Nasdaq under the ticker “SPCX,” with proceeds allocated to Starship, Starlink expansion, and continued AI and data‑center build‑out.¹

How To Get Exposure To SpaceX Ahead Of Its Potential June 2026 IPO

KraneShares AI ETF AGIX has exposure to SpaceX.

AGIX is publicly listed on the Nasdaq stock exchange, offers daily liquidity to investors, and has a suite of private investments, including SpaceX, Anthropic, and Nuro.

AI ETF AGIX invested in xAI in mid-2025. By year-end, the initial position’s estimated fair value had more than doubled over a relatively short period, excluding a subsequent purchase completed later in the year.

Post the xAI-SpaceX merger in February of 2026, which we previously covered, including potential implications for SpaceX’s IPO timeline, AI ETF AGIX made a third investment (this time in SpaceX itself) in May of 2026.

• As of May 19, 2026, SpaceX represented 2.59% of the AI ETF AGIX portfolio.²

The latest developments concerning SpaceX’s IPO answer the question we began this year with: whether a SpaceX IPO could happen in 2026.

Conclusion

AI ETF AGIX seeks to offer access to a fast‑evolving global AI ecosystem. This included differentiated exposure to private AI companies such as SpaceX, Anthropic, and Nuro through a single, publicly traded ETF.

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Holdings are subject to change.

AGIX’s exposure to SpaceX is through privately-held securities, which involve liquidity, transfer restriction, and valuation risks. Additional information and summary prospectus may be obtained by visiting kraneshares.com/etf/agix.

Details about the SpaceX IPO are based solely on the current publicly available draft S-1 registration statement filed by SpaceX, which remains preliminary and subject to revision, supplementation, or withdrawal. The final registration statement, underwriting arrangements, lock-up provisions, transfer restrictions, early release provisions, timing, and other terms of the IPO may differ materially from those currently described.

Public market pricing may increase or decrease significantly following an IPO, and there can be no assurance regarding future market performance, liquidity, or valuation levels.

For AGIX standard performance, top 10 holdings, risks, and other fund information, please click here.

Citations:

1. Space Exploration Technologies Corp. S-1 Filing as of May 20th, 2026.
2. Data from Bloomberg as of 5/19/2026.