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  • 🤖 The biggest IPO ever is here, with an interesting twist

🤖 The biggest IPO ever is here, with an interesting twist

PLUS: Mythos has been leaked?

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Cryptopolitan News
April 24, 2026 • Estimated Reading Time: 4 minutes

The largest IPO in recorded history spaceX just registered for. It also ensured that there would be no one who could touch it once it got there.

The S-1 landed Thursday. Elon Musk's SpaceX aims for $1.75 trillion valuation in a June listing that would raise $75 billion the largest ever public offering by some margin. It has lined up Bank of America, Goldman Sachs, JPMorgan and Morgan Stanley as underwriters. The week of June 8 was when ART is expected to start its roadshow.

Before any of that, however, SpaceX crossed a fine line that should give you an unambiguous clue how Musk plans to run this company, once the public gets in.

The only governance structure you should never miss

SpaceX was founded in Texas, not Delaware—home to most Fortune 500 companies. Geographic convenience is not the reason for that choice. Hostile bids and proxy contests are extremely difficult to mount due to Texas anti-takeover law.

As set out in the filing, Musk owns about 42% of SpaceX's equity but controls nearly 79% of the votes as those with super-voting Stock have ten votes per share. The public investors who buy into the IPO will acquire an economic interest without much in the way of voting control over how it is governed.

The accompanying filing was unambiguous about what this meant. And anyone seeking to bid on SpaceX would have to "first work out a deal with us." Such provisions are "designed to discourage unfair and coercive takeover tactics and inadequate bid prices."

The message sounds clear from a firm about to soak up tens of billions in public capital: You can own a piece of this. You can't change anything about it.

The timing is not arbitrary. Target activist investor campaigns increased 3% in Q1 2026 to a total of 41 US company targets, hitting technology and industrials most often. SpaceX is putting up the legal walls before the hordes arrive.

What investors are actually buying

In June 2026, the public operate SpaceX is not quite the same SpaceX to be discovered launching Falcon 9 and marketing Starlink subscriptions. It is much more complex than that.

The date is February, when Musk wrapped an all-stock merger of his company xAI, parent of Grok and X, which is the same as Twitter, that values the merged group at $1.25 trillion. That deal was the tale, which changed for good when a stock wanted to go public In its latest S-1, it positions as the purveyor of both rockets, satellite internet, social media and AI —and plans for orbital data centres with some degree of AI built in.

As 2025 drew to a close, Starlink has ended that year with 9.2 million subscribers and over $10B in revenue (with analysts estimating about $24B by end of year). At the end of 2025, the combined company had $24.8 billion in cash against $92 billion of total assets and with $50.8 billion in liabilities.

For its part, in March SpaceX revealed Terafab, a semiconductor fabrication joint venture with Tesla and xAI aiming for 2-nanometre chips and 100000 wafer starts per month. SpaceX signed an option to buy the AI coding startup Cursor for $60 billion, offering $10 billion upfront to work on integrated design technology with the New York Times two weeks ago.

Right now, Cursor is paying Anthropic and OpenAI, the same companies with Claude Code and Codex, retail prices. It ends with SpaceX's compute infrastructure.

The firm has similarly unchanged 8,285 BTC worth roughly USD $580 million on its balance sheet: a position that has remained from mid-2024 despite xAI integration costs amounting to a near-$5 billion loss year.

Investors must read carefully the risk section

Well, while that news did not make most headlines: the S-1 revealed something. Among the risk factors, SpaceX noted that xAI was under active government investigations concerning the production and sale of abusive sexual imagery including child-related material.

The filing stated that the inquiries could lead to lawsuits, liability and loss of access to some markets, adding that access loss "has occurred in the past."

Securities laws contain certain disclosure provisions that require companies to disclose material risks in offering documents. That is what this is. The fact that CSAM-linked regulatory risk pops up under the risks tab is no afterthought for a company that asks for a $1.75 trillion valuation from the public.

What $1.75 trillion actually means

For the purpose of comparison, SpaceX's target market cap at listing would put it rank as the third most valuable public company in the world behind only Nvidia and Apple. At current prices, that would dwarf the market cap of Saudi AramcoAmazonand Microsoft.

That number is underpinned by Starlink revenue trajectory, the AI infrastructure thesis, the Terafab bet and Musk's history of actually making things happen when none of us believe he can. Ultimately it is also based on a governance structure that offers public investors capital exposure with limited governance rights, an xAI regulatory overhang risk profile and a balance sheet laden with $50.8 billion in liabilities heading into a June listing.

The biggest IPO in history is on the way. Musk has made sure it happens on his terms.

POLL: SpaceX is going public at $1.75 trillion with Musk holding 79% of the votes. Would you invest?

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📊 AI watch

👉 Mythos has been leaked. On the same day that Anthropic announced over a decade of work on an unreleased model, it was first made available to private groups in Discord. One worked for Anthropic as a third party.

Using information about Anthropic's infrastructure practices gleaned from leaked communications at AI training startup Mercor, the group was able to posit the location of the model. They have had 24-7 access ever since.

We have not seen cyberattacks come from it yet. A version of the model Anthropic said was too dangerous to distribute is now in the hands of people it should not be.

👉 Microsoft built Mythos directly into the security framework for all its software. By classifying to integrate into Microsoft's Security Development Lifecycle, Mythos scans for vulnerabilities where Microsoft writes code instead of post-factum.

This rollout comes under Project Glasswing, which is being rolled out along with Amazon and Apple. Microsoft shares increased by 1.86% on the news. This has garnered the attention of governments and central banks.

👉 Tencent, Alibaba exploring purchase of stake in DeepSeek at above $20B valuation. This is the first external capital of DeepSeek. Tencent wants of as much as 20% stake in the company. That much control does not meet with the reticence from DeepSeek.

Alibaba is also in discussions. That's an increase from the earlier, $10-billion valuation. For reference, DeepSeek has never raised outside capital and has been constructing models that compete with Western frontier labs for fractions of the cost.

POLL: We cover AI every week inside Cryptopolitan Daily. Would you want a dedicated daily AI newsletter from us?

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 🐥 Tool of the Week

Cursor — The AI coding tool SpaceX just agreed to acquire for $60 billion.

If you have not used it yet, this week is the week to try it. It writes, edits, and debugs code inside your existing codebase with full context awareness.

The SpaceX deal will eventually move it off OpenAI and Anthropic infrastructure onto proprietary compute, which makes now the best time to form an opinion before the product changes. Free tier available.

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