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SpaceX’s IPO filing says orbital AI computing remains unproven and commercially uncertain despite Musk’s public push for space as AI’s next frontier.

The 423-page report, released April 14, finds that the US and Chinese models have traded first place multiple times since early 2025, with DeepSeek-R1 briefly matching the top US model in February 2025 before being surpassed.The US leads China in private AI investment ($285.9 billion vs $12.4 billion) and notable model production (50 vs 30 in 2025), while China leads in AI publication volume, patent output, and industrial robot installations.The number of AI researchers entering the US has dropped 89% over seven years and 80% in the past year alone, a trend the report attributes in part to H-1B restrictions under the Trump administration.

Elon Musk’s rocket company has confidentially submitted IPO paperwork to U.S. regulators, potentially setting up one of the largest public listings in history.