tech
Famously secret about its finances, SpaceX opens its books for the first time
We believe we have identified the largest TAM in human history.
TL;DR
- SpaceX released a nearly 400-page S-1 filing with the SEC, disclosing financial details ahead of a potential IPO.
- The company reported $18.67 billion in revenue for 2025, but a $4.94 billion loss, largely due to AI development spending.
- SpaceX estimates a total addressable market (TAM) of $28.5 trillion, with $26.5 trillion attributed to AI.
- Elon Musk will retain 85.1 percent of the combined voting power after the IPO and will serve as CEO and chairman.
- SpaceX aims to reduce the price per kilogram to orbit for Starship to $185 and plans to deploy orbital AI compute satellites by 2028.