SpaceX just filed its S-1, and it's not just a rocket company anymore. Starlink, xAI, satellite internet, AI compute clusters in Memphis. All of it bundled into one $1.75 trillion IPO filing.

Buried in the 200+ pages: Anthropic is paying $1.25 billion a month for compute. xAI lost $6.4 billion last year. And SpaceX is about to need thousands of people it doesn't currently have.

Let's get into it.

Nvidia posted $81.6 billion in Q1 revenue, up 85% from a year ago. Data Center revenue alone was $75.2 billion. The company guided Q2 to $91 billion and announced an $80 billion stock buyback. For context, $80 billion is roughly what the entire US spent on K-12 textbooks and instructional materials over the last decade.

Buried in SpaceX's IPO filing: Anthropic is paying $1.25 billion per month for compute. That's $15 billion a year from a single customer, routed through SpaceX's Colossus data center clusters in Memphis. The deal runs through May 2029. AI infrastructure is now a bigger revenue stream than most Fortune 500 companies.

Weekly jobless claims fell to 209,000, slightly below forecast. Down 3,000 from the prior week. Continuing claims ticked up to 1.782 million. The labor market keeps showing resilience at the macro level, even as tech layoffs pile up at the company level.

Intuit cut 3,000 people and signed deals with OpenAI and Anthropic on the same day. The CEO told CNBC it had "nothing to do with AI" and was about reducing management layers and "coordination-heavy roles." Stock fell 14%. The 2026 tech layoff count is now at 142,303 across 331 events.

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SpaceX dropped its S-1 on May 20 targeting a $1.75 trillion valuation and a $75 billion raise. If it prices anywhere near that on June 12, it would be the largest IPO ever recorded, more than doubling Saudi Aramco's $29.4 billion record.

But the interesting part isn't the number. It's what the filing reveals about where jobs are going.

Start with Starlink. The satellite internet business generated $1.19 billion in operating profit in Q1 alone on $18.7 billion in 2025 revenue. It's the cash engine funding everything else. And it's scaling fast, which means hiring across operations, network engineering, customer success, regulatory, and international expansion teams.

Then there's the AI side. xAI, Musk's AI company folded into SpaceX, lost $6.4 billion on $3.2 billion in revenue last year. It represented 76% of SpaceX's $10.1 billion in Q1 capital expenditure. That kind of spending needs people to manage it: data center ops, AI infrastructure, ML engineering, power systems, cooling, procurement.

And buried deeper in the filing: Anthropic is paying SpaceX $1.25 billion per month for compute capacity through May 2029. That's $15 billion a year from one customer. Running compute at that scale requires a permanent workforce of facility managers, systems engineers, security teams, and energy specialists.

Going public also triggers a separate wave. SpaceX needs to build out entire departments that private companies can skip: investor relations, SEC compliance, financial reporting, internal audit, public company legal. These are high-paying roles that didn't exist inside SpaceX six months ago.

Why it matters: While most tech headlines right now are about cuts, SpaceX's S-1 shows where the money is actually flowing. Satellite infrastructure, AI compute, and the operational backbone to run both at scale. If you're in ops, finance, engineering, or infrastructure, this filing is basically a job board.

A new MIT study led by labor economist David Autor examined decades of postwar US employment data and found a consistent pattern: when new technology arrives, it disproportionately creates opportunities for college graduates under 30. Young, educated workers in urban settings have historically been the biggest beneficiaries of technological change.

The question is whether AI will follow the same script. Autor argues it depends entirely on how companies deploy it. In healthcare, for example, AI could create new roles by letting people with different levels of expertise handle tasks that previously required specialists. Or it could simply automate those roles away.

The data on the ground suggests we're heading toward the second option faster than the first. A Monster survey found that 89% of 2026 graduates now fear AI will replace entry-level roles, up from 64% in 2025. That's not just anxiety. Entry-level tech postings have fallen 6% year-over-year, and multiple companies have explicitly said they're hiring fewer juniors because AI can handle the work those roles used to do.

Why it matters: If you're mid-career, this isn't just a story about new grads. It's about who your future colleagues will be, what skills they'll have (or won't have), and whether the pipeline of talent your organization depends on is quietly drying up.

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Paste this into Claude or ChatGPT:

"I work at [company] in [role]. Pull the last 2 earnings call transcripts and search for every mention of AI, automation, headcount, restructuring, and efficiency. For each mention, categorize it as: (1) AI replacing work, (2) AI augmenting work, or (3) AI creating new work. Then tell me: based on this pattern, which departments are most likely to grow, shrink, or change in the next 12 months? What skills should someone in my role be building right now?"

This works whether you're interviewing somewhere new or trying to read the signals at your current company. The earnings calls tell you what the CEO is telling Wall Street. That's usually more honest than what they're telling employees.

Last issue's prediction: We asked about Fortune 500 AI agent deployments by end of Q3 2026. Results still pending.

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