New York, May 28, 2026, 13:04 EDT
Elon Musk on Thursday tried to tamp down speculation swirling around SpaceX’s Colossus AI data-center and its connection to a possible IPO. According to Musk, the lease agreement with Anthropic covers just 180 days—not the long-term, multi-year deal many assumed. The Colossus cluster, which handles AI training workloads, was previously detailed by SpaceX in filings that listed Anthropic’s payments at $1.25 billion per month through May 2029, with a 90-day out clause.
Why is that relevant? SpaceX is now on track for what may become the first trillion-dollar listing in U.S. history. Reuters says the company’s aiming for a $1.75 trillion valuation, and a share sale could land as soon as June 11.
The offering is shaking up valuations across the space sector. FTSE Russell has adjusted its Russell U.S. index rules this week, now allowing large IPOs to join after just five trading days—if they clear the size hurdle. That shift could pull passive funds into fresh megacap listings far faster than before.
Jeff Bezos—who heads Blue Origin, the private space company often seen as SpaceX’s chief rival—told CNBC he can’t say if SpaceX should be valued at $1.75 trillion or $2 trillion without getting a look at its S-1, the core IPO registration document. “I don’t know enough about their financials,” Bezos admitted. Still, he remarked, “space is going to be a gigantic industry.” Versant Press Room
Bezos took a more restrained view on orbital data centers—those solar-powered facilities orbiting Earth—compared to Musk. Calling a two- or three-year target “a little ambitious,” he pointed out that launch costs would have to drop significantly. He also noted that energy currently accounts for less than 15% of the total cost to own a standard terrestrial data center. Versant Press Room
According to the filing, investors’ focus on AI isn’t coming out of nowhere. The AI segment posted an operating loss of roughly $2.5 billion in the March quarter, bringing in $818 million in revenue. The company as a whole reported an operating loss of $1.94 billion on $4.69 billion in revenue, the prospectus shows, per Reuters.
Starlink is still the heavyweight at SpaceX. The company’s satellite internet division—serving consumers, governments, and business clients—pulled in $1.19 billion in operating profit for the first quarter, according to Reuters.
Bezos is throwing his own firms into the mix. Amazon, he said, has Leo. Blue Origin? That team is developing TeraWave, a high-bandwidth comms constellation, plus Sunrise, its space data center push. As for investors, Bezos noted Blue Origin has floated the idea with outsiders, but no one’s in yet.
Public investors are jumping on the theme. AST SpaceMobile climbed 4.8% Wednesday. Intuitive Machines picked up 8.5%. Planet Labs tacked on 1.8%. Rocket Lab, after surging about 14% over two sessions, edged down 0.7% in turbulent trading, according to a Reuters report.
“SpaceX going public has acted as a lens to focus the investment community on space travel and related support systems,” said Peter Andersen, founder of Andersen Capital Management, in comments to Reuters. According to Andersen, investors are now beginning to scan the broader sector. Wtvbam
The risk here isn’t minor. A Reuters analysis looked at the 50 most valuable IPOs in the last five years and found that S&P 500 index fund investors would have outperformed IPO buyers roughly three-quarters of the time. University of Florida IPO expert Jay Ritter points out that IPOs with especially high valuation-to-sales ratios usually see the poorest results.
Some smaller names are moving to catch the AI wave. Rocket One—previously Hoth Therapeutics—rallied nearly 40% Thursday as it rebranded with a focus on AI and space. But Todd Schoenberger, chief investment officer at CrossCheck Management, cautioned that investors should “look behind the curtain” when companies suddenly pivot their story. Reuters
The real issue for SpaceX: will public investors ante up today for markets that might not deliver for years? Bezos vouched for the industry’s scope, sidestepping valuation. Then there’s Musk’s Anthropic comment—a reminder that the IPO pitch hinges on contracts, production muscle and actual delivery, details shareholders are about to scrutinize.
