SpaceX Files $80B IPO — Largest in History — With xAI Folded Inside, Revealing $12.7B AI R&D Spend

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SpaceX filed its S-1 on May 20 seeking to raise $80 billion at a $1.7 trillion valuation, dwarfing Saudi Aramco's $26B record. The filing reveals xAI (acquired February 2026) spent $12.7B on AI R&D in 2025 and $7.7B in Q1 2026 alone, while Starlink accounts for two-thirds of revenue and is the only profitable segment.