AI1 Capex: What the Prospectus Actually Commits To
The SPCX prospectus disclosed AI1 capex commitments through FY28. Here is what is actually authorised vs aspirational.
Authorised AI1 capex (3y)
~$8.5B
Pre-IPO capex spent
~$1.2B
Funded by
IPO proceeds + ops cash
What is actually committed
The S-1 lists $8.5B of authorised AI1 capex over the three years following the IPO. Roughly $1.2B was already spent on prototype hardware and ground testing pre-listing. The remaining ~$7.3B funds the first operational array — radiators, compute hardware, integration and launch — targeted for FY28 first revenue.
Funding sources are explicit: a portion of the $75B IPO proceeds plus operating cash flow from Starlink. AI1 does not depend on additional capital raises in the base case.
Key takeaways
- AI1 capex is committed and funded; no additional raises required in base case
- First operational array targeted FY28; first revenue same year
- Track quarterly capex disclosures vs the $8.5B authorised envelope
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