SpaceX&#x27;s historic move toward a public listing on the Nasdaq with a target valuation reaching $2 trillion. The company’s S-1 filing reveals a complex financial landscape where the profitable Starlink satellite business is being used to fund massive losses within its newly integrated AI division, xAI. Beyond space exploration, the company is pivoting toward a future in AI infrastructure, evidenced by a planned $60 billion acquisition of the coding startup Cursor. However, legal disclosures warn that ambitious joint ventures with Tesla and Intel, such as the Terafab chip factory, remain in non-binding, early stages. Investors are also monitoring how this IPO might eventually lead to a broader merger of Elon Musk’s various enterprises.

SpaceX trades rockets for AI infrastructure

Elon Musk Podcast

# Full Transcript

**Podcast:** Elon Musk Podcast

## Transcript

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[SPEAKER_D] SpaceX is targeting a public market valuation of nearly $2 trillion while simultaneously executing a $60 billion option to acquire the artificial intelligence coding startup Cursor.

[SPEAKER_E] You look at those two actions side by side and, well, it takes a minute to process the contradiction there. You have a company historically known for building physical rockets, dealing with orbital mechanics, and establishing a satellite internet constellation. And now they're using their intended public status to swallow an enterprise software company. $60 billion is roughly the market capitalization of a legacy automaker. It is, yeah. And it is being spent on an application layer startup.

[SPEAKER_D] The structural reality driving this sits right in the financial disclosures. Through a recent all-stock merger with xAI, they absorbed a comprehensive artificial intelligence infrastructure footprint. They effectively folded a distinct AI developer along with all of its hardware requirements, cooling systems, and operating costs directly into the aerospace operation.

[SPEAKER_E] Which sets up the central question we really have to answer today. How does a company lose billions of dollars on data centers while demanding the highest public valuation in history?

[SPEAKER_D] Yeah,...

SpaceX trades rockets for AI infrastructure

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

SpaceX trades rockets for AI infrastructure

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.