SpaceX IPO pitch is said to bets less on rockets, more on $28.5T in AI

SpaceX told investors in IPO documents that its biggest growth opportunity is enterprise AI, estimating a $28.5 trillion total addressable market with >90% tied to AI and ~$22.7 trillion of that from enterprise customers. The filing, ahead of a possible summer IPO that could value SpaceX near $1.75 trillion and raise about $75 billion, shifts emphasis from rockets and connectivity toward AI tools, enterprise software and embedded engineering teams. Starlink remains the current profit engine (2025 revenue $11.4B of $18.7B and $4.4B operating profit), but losses related to xAI widened, contributing to a $4.9B companywide operating loss. Capital spending rose to $20.7B in 2025, with $12.7B allocated to AI infrastructure (including GPUs). Observers warn the IPO’s success may hinge more on belief in Musk’s AI strategy than on existing financials, a dynamic that could influence valuations across AI-exposed tech and aerospace names.