Elon Musk announced plans Wednesday for one of the biggest stock sales ever by taking public a space company that is currently losing billions of dollars a year.

A filing shows that his SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too.

The prospectus did not put a dollar figure on the amount Musk hopes to raise, but various reports have put it at $75 billion or so. An offering of that size would easily surpass the current title holder, Saudi Aramco, the oil giant that went public seven years ago and raised $26 billion.

SpaceX, formally known as Space Exploration Technologies Corp., has said the money will help finance projects to put people on the moon and Mars in its quest to make humans an intergalactic species as they face existential threats that could wipe out civilization.

“We do not want humans to have the same fate as dinosaurs,” the filing states.

In addition to making reusable rockets to hurl astronauts into orbit, SpaceX has other businesses, some successful, some struggling – and with plenty of questions marks.

The document shows that Starlink, the world’s largest satellite communications company, is a big source of cash for the company, generating $4.4 billion in operating income last year. The business uses 10,000 satellites in low orbit to provide internet service to 10 million people in 150 countries and territories.

Among the struggling businesses are two Musk units that were recently acquired by SpaceX – his social media platform X, formerly Twitter, and his artificial intelligence business, xAI. Those purchases were blasted by some SpaceX investors as bailouts because they are big money losers.

The prospectus said its AI business lost $6.4 billion in operations last year.

The original SpaceX business, making rockets and staging launches, has been helped by massive government contracts, which raises questions that could come back to haunt the company. Given Musk’s close relation to the Trump administration, government ethics lawyers and watchdogs have asked if he has gotten special treatment to win taxpayer money and whether that good luck will run out once President Donald Trump is out office.

SpaceX has won contracts worth $6 billion from NASA and the Defense Department and other government agencies in the past five years, according to USAspending.gov. The company noted in its filing that a fifth of its revenue last year was from the federal government.

Musk was the biggest donor to Trump’s presidential campaign and is still a big backer despite their sometimes rocky relationship after his stewardship of the government cost-cutting effort called DOGE early last year.

Like many corporate CEOs, Musk’s compensation will go far beyond his annual salary, which was $54,080 in 2025 and has remained unchanged since 2019, according to the filing.

The prospectus says stock grants for him would be sliced into 15 nearly equal amounts – 67 million shares each – and would vest only as the company achieves preset market cap goals. In addition to the Martian colony, SpaceX’s stock market value would have to reach $7.5 trillion for him to receive the full award.

He would get even more stock awards if SpaceX manages to get giant data centers the size of football fields in space.

The document shows Musk will be able to exert big control over the business.

It says he and certain other shareholders will receive shares in a special class of stock that gives them 10 votes for each share they hold. Those shareholders will be able, among other things, to elect a majority of the company’s board of directors.

“This will limit or preclude your ability to influence corporate matters and the election of our directors,” SpaceX said in a warning to prospective investors.

SpaceX will be able to pitch the offering to investors – in what’s known in Wall Street parlance as a “road show” – 15 days after making its prospectus public. In this case, that works out to June 4.

GN

Google is using its latest Android rollout to make Gemini less of a chatbot and more of an operating layer across the phone, browser, car and laptop, just weeks before Apple is expected to show its own Gemini-powered Apple Intelligence reboot at WWDC.

Ahead of its Google I/O developer conference next week, the company previewed a number of Android updates, including AI-powered app automation, a smarter version of Chrome on Android, new tools for creators, a redesigned Android Auto experience, and a sweeping set of new security features.

Alphabet is counting on Gemini to help Google compete directly with OpenAI and Anthropic in the market for artificial intelligence models and services, while also serving as the AI backbone across its expansive portfolio of products, including Android. Meanwhile, Gemini is powering part of Apple’s new AI strategy, giving Google a role in the iPhone maker’s reset even as it races to prove its own version of personal AI on the phone is further along.

Sameer Samat, who oversees Google’s Android ecosystem, told CNBC that Google is rebuilding parts of Android around Gemini Intelligence to help users complete everyday tasks more easily.

“We’re transitioning from an operating system to an intelligence system,” he said.

As part of Tuesday’s announcements. Google said Gemini Intelligence will be able to move across apps, understand what’s on the screen and complete tasks that would normally require a user to jump between multiple services. That means Android is moving beyond the traditional assistant model, where users ask a question and get an answer, and acting more like an agent.

For instance, Google says Gemini can pull relevant information from Gmail, build shopping carts and book reservations. Samat gave the example of asking Gemini to look at the guest list for a barbecue, build a menu, add ingredients to an Instacart list and return for approval before checkout.

A big concern surrounding agentic AI involves software taking action on a user’s behalf without permissions. Samat said Gemini will come back to the user before completing a transaction, adding, “the human is always in the loop.”

Four months after announcing its Gemini deal with Google, Apple is under pressure to show a more capable version of Apple Intelligence, which has been a relative laggard on the market. Apple has long framed privacy, hardware integration and control of the user experience as its advantages.

Google’s Android push is designed to show it can bring AI deeper into the device experience while still giving users control over what Gemini can see, where it can act and when it needs confirmation.

The app automation features will roll out in waves, starting with the latest Samsung Galaxy and Google Pixel phones this summer, before expanding across more Android devices, including watches, cars, glasses and laptops later this year.

The company is also redesigning Android Auto around Gemini, turning the car into another major surface for its assistant. Android Auto is in more than 250 million cars, and Google says the new release includes its biggest maps update in a decade and Gemini-powered help with tasks like ordering dinner while driving.

Alphabet’s AI strategy has been embraced by Wall Street, which has pushed the company’s stock price up more than 140% in the past year, compared to Apple’s roughly 40% gain. Investors now want to see how Gemini can become more central to the products people use every day.

CNBC

Elon Musk’s artificial intelligence company, xAI, has filed a lawsuit against the state of Colorado over a new AI law set to take effect in June.

The suit seeks to block the state from enforcing the law, which would impose new requirements on AI systems to protect state residents from “algorithmic discrimination” in sectors such as education, employment, healthcare, housing and financial services.

Colorado was the first state to pass a comprehensive bill to regulate AI.

The company claims the law infringes on its first amendment free-speech protections and would force xAI to “promote the state’s ideological views on various matters, racial justice in particular”, according to the Financial Times, which first reported the lawsuit. “Its provisions prohibit developers of AI systems from producing speech that the state of Colorado dislikes.”

The lawsuit, filed in US district court in Colorado, comes as battles have raged at the state and federal level over how to regulate the fast-growing technology. States such as California and New York have been working to rein in AI with regulations, while the Trump administration has been trying to loosen the rules and place a moratorium on state laws.

xAI, which makes the chatbot Grok, has been plagued with accusations of discrimination. The chatbot has consistently spewed racist, sexist and antisemitic content, put forth conspiracies of “white genocide” and referred to itself as “MechaHitler”.

Katie Miller, a former spokesperson for xAI and the wife of Trump adviser Stephen Miller, heralded the lawsuit in a post on X on Thursday: “Colorado wants to force Grok to follow its views on equity and race, instead of being maximally truth-seeking. Grok answers to evidence, not woke leftist government regulations.”

Jared Polis, Colorado’s Democratic governor, signed the bill into law in 2024 but said it was “with reservations”. He has called on state legislators to amend it. The legislation was intended to go into effect in February, but was pushed until 30 June.

xAI, which merged with Musk’s rocket business SpaceX earlier this year, is seeking an injunction to block the enforcement of the Colorado law and a court declaration saying the legislation is unconstitutional.

The Colorado attorney general’s office declined to comment on the lawsuit and xAI did not return a request for comment.

The Guardian