Anthropic Is Paying SpaceX $1.25B/Month — and 14 Other Things Hidden in the S-1

IPO &middot; SEC filing &middot; May 20, 2026<br>Anthropic Is Paying SpaceX $1.25B/Month — and 14 Other Things Hidden in the S-1

After years of delays, SpaceX has finally filed its Form S-1 with the SEC ahead of a Nasdaq and Nasdaq Texas listing under the ticker SPCX.<br>The document discloses, for the first time, consolidated numbers for Starlink, Falcon/Starship — and, less expectedly,<br>a massive third pillar: the AI infrastructure inherited from xAI , acquired in February 2026, which just<br>signed a $1.25 billion-per-month contract with Anthropic. Here is what's inside, line by line, with every figure<br>cross-checked against the official filing.

Ticker: SPCX (Nasdaq + Nasdaq Texas)<br>Lead underwriter: Goldman Sachs & Co. LLC<br>FY 2025 revenue: $18,674 M<br>FY 2025 Adj. EBITDA: $6,584 M<br>Stated TAM: $28.5 trillion

Every number below has been verified line by line against the official Form S-1 filed with the SEC on May 20, 2026. Where the filing leaves placeholders (price per share, total raise), we flag it explicitly — this is a "no-price" prospectus and it does not yet contain a final valuation or final offering amount.

FY 2025 revenue

$18,674 M

▲ +33.4% YoY (vs. $14.0 B in 2024)

FY 2025 loss from operations

-$2,589 M

-$3,055 M YoY swing (from a small operating profit)

FY 2025 Adjusted EBITDA

$6,584 M

Q1 2026: $1,127 M

Cash & marketable securities

$23.7 B

$15,852 cash + $7,823 marketable (Mar 26)

Debt + finance leases

$23,286 M

$20 B Bridge Loan + $3.3 B other

Starlink subscribers

10.3 M

▲ +105% YoY (5.0 M in Q1 2025)

TL;DR — What you need to know

SpaceX is no longer just rockets. The filing consolidates three segments: Space (launch and vehicles), Connectivity (Starlink) and — after the February 2026 xAI acquisition — a massive AI division.

Starlink is the cash machine: $11,387 M of FY 2025 revenue (+49.8% YoY) and $4,423 M of income from operations (+120.4% YoY), even as monthly ARPU is declining and the filing flags more declines ahead.

The headline surprise is the Anthropic deal: $1.25 billion per month through May 2029 (~$45 B over three years) in exchange for compute capacity on Colossus and Colossus II. That's more than the current annual Starlink revenue.

Cursor is an option, not yet an acquisition: the filing discloses an option agreement signed in April 2026 with an implied valuation of $60.0 billion , payable in Class A stock.

Terafab is a massive bet: joint venture with Tesla (March 2026) and Intel (April 2026) to produce one terawatt of compute hardware per year in-house.

Macrohard is also new in this filing: an agentic AI platform under development with Tesla, designed to "fully emulate digital workflows" and augment human work.

Extreme voting concentration: a dual-class (actually tri-class) structure with Mr. Musk in control. Post-IPO SpaceX will be a Nasdaq "controlled company".

The IPO has no price yet: this is a "no-price" filing — the $2T valuation and $50 B raise floated in the press are market expectations, not SEC disclosures.

Key 2025 / Q1 2026 numbers

The consolidated story told in the S-1 plays at three speeds: Starlink scaling aggressively, Starship absorbing capex and R&D, and the AI segment (in the perimeter for only about two months) burning cash to chase capacity.

Line item<br>2023<br>2024<br>2025<br>Q1 2026

Total revenue~$10.4 B$14.0 B$18.674 B$4.694 B<br>Income (loss) from operationsn/a+$466 M-$2,589 M-$1,943 M<br>Adjusted EBITDAn/an/a$6,584 M$1,127 M

Source: pages 17–19 ("Summary Consolidated Financial Data") and pages 87–110 (MD&A) of the S-1.

The eye-catcher. The gap between a positive Adjusted EBITDA of $6,584 M and a deep operating loss of $(2,589) M tells the same story as much of Big Tech AI: the company generates operating cash, but capital intensity and non-cash items (depreciation, share-based compensation) push the bottom line into the red. The full-year swing from a small operating profit in 2024 to a $2.6 billion operating loss in 2025 — a $3.05 billion delta in one year — is largely driven by the xAI consolidation flowing through the P&L.

Explainer &middot; Reading the numbers

Adjusted EBITDA — what it leaves out (and why it always looks prettier)

SpaceX leans heavily on Adjusted EBITDA, not net income, to tell its growth story. It's a non-GAAP metric: each company defines its own, and the S-1 spells it out almost verbatim:

"Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges and (iv) impairment."<br>SpaceX S-1, Segment Reporting note

Each of those four exclusions mechanically pushes the number up. None of them is fictional — they're just being set aside:

Depreciation & amortization. The biggest item for a company that capitalizes roughly $20 B a year of rockets, satellites and GPUs. Real cash already spent, then amortized over future periods....