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The split ratio, i.e., the ratio of rotor outer diameter to stator outer diameter, is one of the most vital design parameters for permanent-magnet (PM) machines due to its significant impact on the machine torque or power density. However, it has been optimized analytically in the existing papers with due account only for the stator copper loss, which is reasonable for low-to-medium speed PM machines. For high-speed PM machines (HSPMMs), the negligence of stator iron loss and the mechanical stress on the rotor will lead to a deviation of optimal split ratio and actual torque capability. In this paper, the optimal split ratio of HSPMM is investigated analytically with the consideration of stator iron loss as well as the mechanical stress on the rotor. The influence of air-gap length and rotor pole pairs on the optimal split ratio is elaborated. Both the analytical and finite-element analysis reveal that the optimal split ratio for HSPMM will be significantly reduced, when stator iron loss and mechanical constraints are taken into account. [ABSTRACT FROM AUTHOR]