SpaceX trades rockets for AI infrastructure

SpaceX'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.