After operating as a private company for nearly a quarter century, with its financial accounts a closely guarded secret, SpaceX released a nearly 400-page accounting of its operations on Wednesday afternoon. S-1 filing With the US Securities and Exchange Commission.
SpaceX, which was founded in 2002 and is still led by Elon Musk, filed for an initial public offering on June 12.
The document didn’t reveal any big surprises about the company’s space operations, but there were plenty of details about its operations now expanding thanks to launch, spaceflight, space-based internet and Musk’s recent acquisition of xAI, social media and AI.
The company reported revenue of $18.67 billion in 2025, up from $14.02 billion the previous year. However, after turning a small profit in 2024, the company lost $4.94 billion in 2025 as it spent on AI development.
That’s your big market right there
SpaceX is introducing a $28.5 trillion “total addressable market,” or TAM, for its current and future offerings in space, data and artificial intelligence services. But only about $2 trillion of that amount goes directly to space or the company’s Starlink network. The remaining $26.5 trillion is expected to come from artificial intelligence, mainly enterprise software.
SpaceX estimate of total addressable market.
Credit: SpaceX S-1 document
SpaceX estimate of total addressable market.
Credit: SpaceX S-1 document
“We believe we have identified the largest TAM in human history,” the company said on page 171 of the document. “We believe our next trillion-dollar market is artificial intelligence computing, which we think will use our rockets and satellites for massive orbital deployment.”
The company said its estimates for this large market are based on a number of sources.
“Our AI market estimates are based in part on forecasts of global data center computing demand from third-party sources, including estimates published by the RAND Corporation, as well as internal assumptions about the portion of global computing capacity that can be used for AI workloads and other operational assumptions such as energy use, utilization rates and pricing.”
