BRAZIL PERSPECTIVE

Brasília, May 21, 2026. The AFP dispatch, carried by the Jornal de Brasília, immediately places the event under the sign of the superlative: Elon Musk's SpaceX has filed Wednesday with the US SEC the necessary documents for what could become 'the largest initial public offering in history.' The targeted raise reaches $75 billion, for a potential valuation of $1.75 trillion. The future listing on the Nasdaq, under the code SPCX, is expected in June.

This is the first time in 24 years of existence that SpaceX has made public financial information as detailed. The S-1 document filed with the stock exchange reveals a total revenue of $18.7 billion in 2025, accompanied by an operating loss of $2.6 billion, absorbed by massive investments in new-generation rockets and artificial intelligence. The real engine of the company remains Starlink: the satellite internet network generated $11.4 billion in revenue last year, a growth of nearly 50% in a year.

The AI segment – which includes xAI and the X platform – generated $3.2 billion in revenue in 2025, but shows an operating loss of $6.4 billion, a direct consequence of the competition for data centers for model training. This financial ambivalence does not slow down Musk's projects: SpaceX plans to deploy satellites for computing in orbit as early as 2028, with the goal of reaching 100 gigawatts of annual computational capacity. To achieve this, thousands of launches per year and the transport of approximately one million metric tons of payload will be required.

The governance structure catches the attention of Brazilian analysts: after listing, Musk will retain around 79% of voting rights for only 42% of the capital. A concentration of decision-making power that leaves little room for future minority shareholders. Analyst Dan Ives, of Wedbush, has described the operation as 'an important turning point for the space and technology sector.'

The competitive context is not ignored. The SpaceX IPO takes place just days after Musk's defeat in his lawsuit with OpenAI. Meanwhile, Anthropic is also preparing its own access to public markets, making 2026 a potentially significant year for Wall Street in the technology sector. The financial briefing also notes that Anthropic is already renting excess capacity in SpaceX's data centers for $1.25 billion per month until May 2029.