{"text":[[{"start":13.15,"text":"SpaceX has revealed plans for the largest initial public offering in history as Elon Musk’s sprawling AI to rockets company kicks off a series of massive market debuts that could reshape Wall Street. "}],[{"start":25.6,"text":"The company filed its highly anticipated prospectus with US securities regulators on Wednesday evening, giving investors their first glimpse at its financials, Musk’s sway over the group and sweeping risk factors. "}],[{"start":37.900000000000006,"text":"SpaceX said that it would list on the Nasdaq under the ticker SPCX in an offering underwritten by Wall Street’s biggest banks. Goldman Sachs secured the coveted “lead-left” position heading the offering in a blow to its uptown rival Morgan Stanley. "}],[{"start":53.35000000000001,"text":"While the size of the offering and the proposed valuation were not disclosed, the FT has previously reported that the rocket maker has discussed raising about $75bn at a $1.75tn valuation. SpaceX will list on Nasdaq and trade under the SPCX ticker. "}],[{"start":72.35000000000001,"text":"SpaceX’s filing fires the starting gun on what US bankers hope will be a blockbuster year, with OpenAI expected to file its IPO paperwork as soon as this week and Anthropic also planning to float its shares."}],[{"start":86.85000000000001,"text":"The trio is expected to raise tens of billions of dollars in proceeds at a time of relentless investor appetite for shares in companies linked to AI. "}],[{"start":95.9,"text":"SpaceX said in its filing that its sales rose 15.4 per cent in the first three months of 2026 from the same period last year to $4.7bn. It reported an operating loss of $1.9bn for the first quarter. "}],[{"start":112.35000000000001,"text":"The listing will cement Musk’s control of two of America’s most valuable companies — SpaceX and Tesla — a position without modern precedent. His special class of shares currently gives him control of 85 per cent of the voting power at SpaceX."}],[{"start":127.95,"text":"The disclosures make clear that Starlink, SpaceX’s satellite internet business, has rapidly become the group’s key profit and growth driver. Its connectivity segment, driven by Starlink, generated $11.4bn of revenue in 2025, up nearly 50 per cent year on year, and $4.4bn of operating income, up 120 per cent. "}],[{"start":152.35,"text":"By contrast, SpaceX’s AI unit notched up an operating loss of $6.4bn last year on $3.2bn of revenue. The group reported $12.7bn in capital spending for the AI division as it joined other AI companies in building vast data centres to train and run its models."}],[{"start":172.75,"text":"Still, SpaceX attributed most of its potential to AI, telling investors it was targeting the biggest addressable market “in human history”, with the total opportunity at $28.5tn. The bulk of that figure, $26.5tn, was from AI. "}],[{"start":189.1,"text":"Musk’s recent dealmaking aims to turn around the AI losses, primarily through an arrangement agreed this month and expanded on Wednesday to provide computing capacity across its two flagship AI data centres to Anthropic. The AI lab would pay SpaceX $1.25bn a month through to May 2029, according to the filing."}],[{"start":210.15,"text":"The company also laid out a series of risk factors to investors, including the potential for SpaceX satellites to collide with “space debris” or other spacecraft, as well as highlighting more prosaic regulatory hurdles and the challenge of hiring talented AI researchers to challenge rivals OpenAI and Anthropic."}],[{"start":227.45000000000002,"text":"Initiatives “to develop orbital AI compute at scale, manufacture AI chips at scale, establish a lunar economy, develop human augmentation systems, and transport humans and cargo to the Moon and Mars, involve significant technical complexity”, the company warned. “Such initiatives may not achieve commercial viability.”"}],[{"start":246.65,"text":"It noted that Musk’s control of SpaceX and leadership of other groups such as Tesla left the rocket maker vulnerable to “conflicts of interest” over business opportunities, related-party transactions and the allocation of his time and attention."}],[{"start":270.75,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1779325839_1685.mp3"}