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SpaceX Files for Largest IPO Ever at $1.75 Trillion Valuation

Name: SpaceX Files for Largest IPO Ever at $1.75 Trillion Valuation
Uploaded: 2026-05-22T23:17:00+00:00
Description: SpaceX filed for a mid-June IPO targeting a $1.75 trillion valuation and $75 billion raise, more than double the largest IPO in history. The S-1 revealed Starlink generated $11.4 billion in revenue with $4.4 billion in operating income, while the AI business did $3.2 billion in revenue but posted $6.4 billion in operating losses as xAI plays catch-up in the AI race.

All-In Podcast · SpaceX's $2T Case, Nvidia's Shock Selloff, America Turns on AI, Trump Pulls AI Order, Bond Crisis? · May 22, 2026

All-In Podcast

SpaceX's $2T Case, Nvidia's Shock Selloff, America Turns on AI, Trump Pulls AI Order, Bond Crisis?

"SpaceX just filed their S-1 on Wednesday. They are aiming to raise $75 billion at a $1.75 trillion with a T valuation. This would be the largest IPO ever by more than double Saudi's Aramco $29 billion IPO a couple years ago."

SpaceX filed for a mid-June IPO targeting a $1.75 trillion valuation and $75 billion raise, more than double the largest IPO in history. The S-1 revealed Starlink generated $11.4 billion in revenue with $4.4 billion in operating income, while the AI business did $3.2 billion in revenue but posted $6.4 billion in operating losses as xAI plays catch-up in the AI race.

About this episode

On episode 274 of the All In Podcast, hosts Jason Calacanis, Chamath Palihapitiya, and David Friedberg were joined by Gavin Baker of Atreides Management, with David Sacks absent. The episode was dominated by major AI and SpaceX news, led by the bombshell SpaceX S-1 filing revealing the company is targeting a $1.75 trillion valuation in the largest IPO ever. The S-1 disclosed that Anthropic is paying SpaceX $15 billion annually for access to Colossus compute clusters, effectively adding a Starlink-sized revenue stream overnight. The panel discussed Andrej Karpathy joining Anthropic to lead recursive self-improvement efforts, and Cursor's Composer 2.5 model achieving Pareto dominance after just weeks of training on Colossus-2, demonstrating the power of combining massive compute with proprietary data. The conversation shifted to growing concerns about AI's impact on employment, with Zuckerberg and Cloudflare CEO Matthew Prince drawing criticism for dystopian layoff messaging that fuels public fear of training their own replacements. Chamath argued tech CEOs are 'terrible' at messaging and should stop issuing tone-deaf memos. Baker provided insight into NVIDIA's blowout earnings, noting the company is gaining share despite ASIC competition narratives, and highlighted the $20 billion CPU business emerging within NVIDIA. The episode also covered inflation fears with projections hitting 6% in Q2, the US-China tech CEO summit producing limited concrete outcomes beyond symbolic cooperation, and Friedberg offering his characteristically pessimistic macro outlook on debt spirals and inevitable economic corrections. Baker argued selling chips to China reduces the risk of them developing competing ecosystems, while the closure of the Strait of Hormuz paradoxically benefits America's energy independence and AI dominance.

Key takeaways

SpaceX filed for a $1.75 trillion IPO, the largest ever, with Anthropic committing $15 billion annually for Colossus compute access.
Andrej Karpathy joined Anthropic to lead recursive self-improvement AI, potentially enabling order-of-magnitude yearly capability gains.
Cursor's Composer 2.5 achieved Pareto dominance over all coding models after just 3-4 weeks of training on Colossus-2.
Zuckerberg and Cloudflare CEO criticized for dystopian layoff messaging, installing monitoring software while employees train AI replacements.
NVIDIA posted $81.6 billion in revenue, up 85% year-over-year, with $20 billion CPU business emerging and share gains despite ASIC narratives.
Inflation projected to hit 6% in Q2 with bond yields spiking globally, though Baker argued AI fundamentals and energy independence favor America.
US-China tech CEO summit produced symbolic cooperation but no grand deal, with Putin visiting Xi immediately after signaling continued geopolitical tensions.