SpaceX filed for what could be the biggest IPO in history, with eye-popping numbers that are bullish for Musk and early investors but raise questions about concentrated power.

• SpaceX claims a total addressable market of $28.5 trillion, the largest ever in an IPO filing, with AI making up 93% of it.
• Musk's pay package could be worth $737 billion if SpaceX hits a $7.5 trillion valuation, making him the first self-made trillionaire.
• Musk holds 85.1% of voting power across CEO, CTO, and chairman roles, meaning no one can override his decisions.
• Anthropic is paying SpaceX $1.25 billion a month through May 2029 for compute capacity, a massive locked-in customer.
• xAI/Grok spending is now bigger than the Starship rocket division, with the plan to put data centers in space where cold temperatures cut cooling costs.

Outlook: SpaceX is on track to become a top-10 company by year-end, and the IPO will likely push Musk's net worth past $1 trillion in the next few years.