The SpaceX S-1 is finally here, and the story it tells goes way further than rockets. The filing runs to 36 pages of risk factors alone, and the numbers inside match the ambition: a $28 trillion total addressable market, a pay package tied to establishing a Mars colony, and a valuation target that would make it the largest IPO in American history.

On this episode of TechCrunch’s Equity podcast, Kirsten Korosec, Anthony Ha, and Sean O’Kane dig into the week’s biggest talent shakeups, acquisitions, and headlines — including what the filing actually says and whether any of this math connects to reality.

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Chapters:

00:00 Intro

3:28 NanoCo raises $12M seed for secure OpenClaw alternative

9:46 Anthropic acquires Stainless and hires Andrej Karpathy

15:12 The consumer backlash against AI being pushed by big tech

16:37 Google Search as you know it is changing as AI takes over

22:14 SpaceX’s S-1 is here

27:54 Is the $1.75 trillion valuation justified?

32:47 Outro