SpaceX built its reputation on rockets. Its S-1 filing, the regulatory document companies submit before going public, reveals where it expects to make most of its money: artificial intelligence for businesses, a market it values ​​at $22.7 trillion.
Based on analysis by Reuters, SpaceX’s total addressable market is estimated at $28.5 trillion. More than 90% of this amount ($26.5 trillion) can be attributed to the AI ​​industry.
The largest segment, valued at $22.7 trillion, is entirely dedicated to enterprise AI. Neither rockets nor satellites have contributed to such expectations.
“We believe we have identified the largest actionable total addressable market in human history,” the document said.
The total addressable market figures in the S-1 filing are aspirational by design; They represent the maximum theoretical revenue a company could generate if each customer occupied a given space. But the sheer scale of SpaceX’s AI guess, and the fact that it sits at the center of the IPO pitch, signals where the company intends to direct capital after the listing.
The target valuation of the SpaceX IPO is around $1.75 trillion. SpaceX is expected to raise approximately $75 billion from its IPO, which would make it the most IPO ever raised by any organization, breaking Saudi Aramco’s record of raising $25.6 billion in 2019.
Additionally, such an IPO would provide SpaceX with the currency to pursue a business that is radically different from the one it has been running for more than two decades.
SpaceX currently generates revenue primarily through launch contracts, the Starlink satellite internet network, and government defense operations. Neither of these lines clearly delineates the $22.7 trillion AI opportunity. The filing is effectively telling potential shareholders that the company they are buying is not the one they think they know.
