SpaceX isn't the financial juggernaut many were expecting, according to the IPO prospectus filed yesterday.

The big picture: This always was going to be something of a growth story, given SpaceX's recent merger with xAI, and deeply dependent on investor servility to Elon Musk. And it's true that markets often value narrative over numbers.

• BUT: All of that will be severely tested if SpaceX really wants to be valued at $1.75 trillion — which would make it one of the world's ten most valuable companies.

By the numbers: SpaceX reported a $4.9 billion net loss on $18.67 billion in consolidated revenue for 2025.

• For context, 200 companies in the S&P 500 had more revenue last year.
• SpaceX also reports a $4.27 billion net loss on $4.69 billion in revenue for Q1 2026.

Zoom in: SpaceX has three main business units, only one of which is profitable.

• That's Starlink — the satellite-based connectivity provider that once was rumored to be a standalone IPO candidate — which represents over half of SpaceX revenue.
• Starlink's subscriber base is growing, although its ARPU is shrinking.

Big bet: SpaceX's AI unit — which includes X, Grok, and compute — is the jumbo cash drain.

• But it's also where the greenest shoots live. In particular, a new agreement whereby Anthropic will pay $1.25 billion per month to SpaceX for compute, although either side can bail with 90 days' notice.
• One wild card may be the $60 billion call option on Cursor, on which SpaceX hasn't yet completed due diligence. That deal contains a $1.5 billion breakup fee, payable to Cursor, and also an $8.5 billion deferred services fee.
• There also are over $20 billion of long-term equipment lease payments owed to affiliates of Valor Equity Partners, the venture firm that holds a 7.3% stake in SpaceX's Class A stock. Likely tied to this agreement. So far, $1.7 billion has been disbursed.

Zoom out: SpaceX filed for its IPO during a hectic two-hour span that "helped crystallize the core pillars of the emerging AI order."

Look ahead: SpaceX is expected to begin trading in late June on the Nasdaq under the ticker symbol "SPCX."

• AI rivals OpenAI and Anthropic are expected to go public after Labor Day, with OpenAI ahead on paperwork.

The bottom line: SpaceX isn't quite David, but it's sure as hell not Goliath.

The U.S. government has agreed to take equity stakes in nine quantum computing companies, tied to $2 billion in CHIPS Act grants, according to the WSJ.

Why it's the BFD: These sorts of quasi-socialist arrangements have been normalized with breathtaking speed.

• You might expect them from a President Mamdani, not from a nominally conservative Republican.

Zoom in: Half the grant money would go to IBM (NYSE: IBM), to stake a quantum chip foundry spinout called Anderon.

• GlobalFoundaries (Nasdaq: GFS) would get another $375 million, while D-Wave Quantum (NYSE: QBTS), Rigetti Computing (Nasdaq: RGTI) and Infleqtion (NYSE: INFQ) each would receive $100 million.
• VC-backed Diraq would get $38 million. The remaining three companies weren't identified.

The bottom line: "Some tech analysts have said the quantum sector and others are too risky for the government to make equity investments ... The senior Commerce official said the agency did so many different deals to spread out its bets, acknowledging that it could take years for them to pan out." — Amrith Ramkumar & Heather Somerville, WSJ

• Exa Labs, an SF-based AI search startup, raised $250m at a $2.2b valuation led by a16z. axios.link/42MDkJr

• Mercury, an SF-based business banking startup, raised $200m at a $5.2b valuation. TCV led, joined by Sequoia Capital, a16z, and Coatue. axios.link/4dk3hWU

• Kalshi raised $200m in Series F extension funding from Layer Global and Baillee Gifford, per Bloomberg. It previously raised $1b at a $22b valuation led by Coatue. axios.link/4dp3g46

• Primer, a London-based payments infrastructure startup, raised $100m in Series C funding. Sofina led, joined by Peak XV Partners and insiders Balderton, Accel, Iconiq, Tencent, and Speedinvest. axios.link/4tFKpX7

• Moment, an NYC-based investment management platform, raised $78m in Series C funding. Index Ventures led, joined by a16z and Avra. axios.link/4v0N0fu

• Scapia, an Indian travel booking startup, raised $63m at a post-money valuation north of $500m, per TechCrunch. General Catalyst led, joined by Peak XV Partners and Z47. axios.link/4uqpvwD

• Socket, an SF-based cybersecurity startup focused on software supply chain attacks, raised $60m in Series C funding at a $1b valuation. Thrive Capital led, joined by a16z, Abstract Ventures, and Capital One Ventures. axios.link/4wLauHe

• Variational, a decentralized derivatives trading protocol, raised $50m in Series A funding. Dragonfly Capital led, joined by Bain Capital Crypto, and Coinbase Ventures. axios.link/4wH7fR4

• Quartermaster, an Arlington, Va.-based maritime awareness platform, raised $43m in Series A funding. First Round Capital and Quiet Capital led, joined by TMV Logistics, Steel Atlas, BoxGroup, and Operator Partners. axios.link/4tN8NGm

• Pivot, an enterprise procurement management platform, raised $40m in Series B funding led by Notion Capital and Forestay, per Axios Pro. axios.link/3PPrXgZ

• Catena Labs, a Boston-based "AI-native bank," raised $30m in Series A funding. Acrew Capital and a16z crypto led, joined by Breyer Capital, General Catalyst, and QED. axios.link/4umMc4B

• Eisen, an NYC-based provider of compliance ops infrastructure for financial services, raised $18.5m in seed and Series A funding from MissionOG, Index Ventures, Cowboy Ventures, First Round Capital, Homebrew, and Restive Ventures. axios.link/4v0y6pw

• Muybridge, a Norwegian developer of software-defined camera tech, raised $16m in Series A funding from Investinor, Fairpoint, Idekapital, and RunwayFBU. axios.link/4v0n9UQ

• NanoCo, an Israeli startup behind NanoClaw agents, raised $12m in seed funding. Valley Capital Partners led, joined by Docker, Vercel, Monday, and Slow Ventures. axios.link/4unxEBI

• Quantum Bridge Technologies, a quantum cybersecurity company, raised $8m in Series A funding led by Primo Capital. axios.link/4utWD6G

• Checker, an NYC-based stablecoin infrastructure startup, raised $8m in seed funding from Galaxy Ventures, Al Mada Ventures, Framework Ventures, Bitso, Airtm, and DFS Lab. axios.link/4tLBMKE

🚑 Neurosoft Bioelectronics, a Swiss brain-computer interface startup, raised a $7.5m in seed funding. Skybound Venture Capital led, joined by PL Capital, IAG Capital Partners, and Connecticut Innovations. axios.link/4uqxnOD

🚑 CVRD Health, a health and welfare benefits compliance platform for federal government contractors, raised $5m in seed funding led by Upfront Ventures. becvrd.com

🚑 Imperagen, a British enzyme engineering startup, raised £5m in seed funding. PXN Ventures led, joined by IQ Capital and Northern Gritstone. axios.link/43lhKMl

🚑 Violet Therapeutics, a Somerville, Mass.-based neurodegenerative biotech, raised a $4.75m seed extension. Lifespan Vision Ventures led, joined by Dementia Discovery Fund, UTEC, Ono Venture Investment and Mass General Brigham Ventures. axios.link/4dGj41j

• Sorted Wallet, a Hong Kong-based non-custodial crypto wallet startup focused on emerging markets, raised $4.4m in seed funding. Tether and Gnosis led, joined by Movement and Angel Invest Group. axios.link/43jLj0H

🔥 Avian, a Swiss developer of thermal monitoring solutions for fire-prone facilities, raised $2.6m in pre-seed funding led by Founderful. axios.link/3PyzFfa

• Lyzr AI, an enterprise agent orchestration company, raised funding from In-Q-Tel at a $250m valuation. axios.link/4upCQoQ

• Accel-KKR invested in UpKeep, an LA-based asset operations platform. axios.link/4dD1VFB

• GreyLion acquired Tanis Brush, a Delafield, Wis.-based maker of industrial and abrasive brushes. axios.link/4wFpwyb

🚑 Integrated Home Care Services, a Nautic Capital portfolio company, acquired Dina Care, a Chicago-based care coordination and referral management platform that had raised $18m from VC firms like First Analysis, Chicago Ventures, Osage Venture Partners, and Meridian Street Capital. axios.link/4wIcdNn

• I Squared Capital is among those moving to the second round of bidding for a Brazilian port that could fetch $5b, per Bloomberg. Sellers would be Trafigura and Mubadala Capital. axios.link/43qm392

⚡ MidOcean Energy, an LNG company formed by EIG, raised $120m from The Arab Energy Fund. axios.link/4dmKdXZ

• NMI, a portfolio company of Francisco Partners, Insight Partners, and Great Hill Partners, acquired Dwolla, an account-to-account payments infrastructure provider that had raised $75m from firms like Foundry Group, Park West Asset Management, and USV. axios.link/4wMNlnU

• Southern Home Services, a Gryphon Investors portfolio company, acquired Blazer Heating Air & Plumbing, which operates in the Richmond, Va., area. axios.link/3RxA0PV

⚡ SB Energy, a Redwood City, Calif.-based data center infrastructure firm, said it's filed confidential IPO paperwork with the SEC. The company has raised around $3.8b from firms like SoftBank and OpenAI. axios.link/49M1yax

• Cyera, a data security platform valued by VCs at $9b, reportedly paid $50m to acquire Genie Security, an endpoint-based data protection startup whose backers included Mensch Capital and Dynamic Loop. axios.link/4dVolmH

• Lupa Systems, controlled by James Murdoch, agreed to buy New York magazine and a podcast network from VC-backed Vox Media for around $300m. axios.link/42Il97R

🚑 Medtronic (NYSE: MDT) agreed to acquire SPR Therapeutics, a Cleveland-based provider of peripheral nerve stimulation therapies for chronic pain management, for $650m in cash. SPR had raised about $172m from firms like Revelation Partners, RC Capital, Serial Stage Venture Partners, Mutual Capital Partners, and Kli Capital. axios.link/4umtMAR

⚡ Post Oak Energy Capital sold the assets of UpCurve, including developed oil and gas assets in the Southern Delaware Basin in West Texas, to an undisclosed buyer. axios.link/4dC1880

• Providence Equity is weighing a sale of British West End theatre operator ATG Entertainment, which could fetch more than £4b, per Reuters. axios.link/4eVrRP2

⚡ Quantum Capital Group agreed to sell oil and gas investment firm Caliber Resource Partners for $1.3b to NextEra Energy (NYSE: NEE), per Reuters. Quantum would separately sell up a JV with NextEra to manage the company's U.S. shale assets. axios.link/4dDaTTc

• AvalonBay Communities (NYSE: AVB) is in talks to merge with fellow apartment owner Equity Residential (NYSE: EQR), per the WSJ. axios.link/3PFTTUi

• Sherritt International (TSX: S), a Canadian nickel and cobalt miner, is in talks to sell a control stake to Gillon Capital, a family office linked to Ray Washburne, a former advisor to President Trump, per Bloomberg. axios.link/4dVorL5

🔥 Convective Capital, a VC firm focused on wildfire tech startups, raised $85m for its second fund. axios.link/4uZbLZg

• Flashback: Interview with Convective founder Bill Clerico

• Ardian and Blackstone bought a C$4b portfolio of PE fund stakes from CPPIB. axios.link/3PPVze6

• Varde Partners will seek to raise $1b for an Asia-focused private credit fund, per Bloomberg. axios.link/3PB0uzl

Incoming Fed chair Kevin Warsh wants to shrink the central bank's multi-trillion-dollar bond portfolio, but Axios' Courtenay Brown writes that he may run into hard limits.