SpaceX released a nearly 400-page S-1 filing with the US Securities and Exchange Commission ahead of a planned initial public offering as soon as June 12. The filing provides detailed information about operations spanning launch services, spaceflight, space-based Internet through Starlink, and newer activities tied to social media and AI after the acquisition of Musk’s xAI. Revenues rose to $18.67 billion in 2025 from $14.02 billion in 2024. After a small profit in 2024, SpaceX reported a $4.94 billion loss in 2025, largely attributed to spending on artificial intelligence development. SpaceX projected a $28.5 trillion total addressable market across space, data, and AI services, with only about $2 trillion directly tied to space or Starlink and the remainder largely tied to AI, including enterprise applications and AI compute.
"SpaceX, founded in 2002 and still led by Elon Musk, submitted the filing in anticipation of an initial public offering of its stock as soon as June 12. The document revealed no major surprises about the company's space operations, but there was a trove of details about its sprawling operations, which now encompass launch, spaceflight, space-based Internet, and, thanks to its recent acquisition of Musk's xAI, social media and AI."
"The company reported revenues of $18.67 billion in 2025, up significantly from $14.02 billion the year before. However, after turning a small profit in 2024, the company lost $4.94 billion in 2025 largely due to spending on artificial intelligence development."
"SpaceX projects a "total addressable market," or TAM, of $28.5 trillion across its present and future offerings in space, data, and AI services. However, of this amount, only about $2 trillion is directly related to space or the company's Starlink network. The remaining $26.5 billion is believed to come from AI, largely from enterprise applications."
""We believe we have identified the largest TAM in human history," the company states on page 171 of the filing. "We believe our next trillion-dollar market is AI compute, which we contemplate will leverage our rockets and satellites for massive orbital deployment." The company said its estimates for this large market were based on a number of sources."
Read at Ars Technica
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