SpaceX’s offer document describes a three-engine business, and rockets are the smallest of them.
Starlink, the satellite internet arm, dominates with 61% of total revenue. The launch business contributes 22%, while the AI segment adds 17%.
The AI piece comprises X platform advertising, subscriptions and xAI’s compute business, folded in after a February 2026 merger. The company posted revenue of $18.7 billion in 2025 but reported a net loss of $4.9 billion, and carried long-term debt of $29.1 billion as of March-end.
The prospectus is unusually candid about where the money goes. SpaceX has spent over $15 billion developing Starship, the next-generation rocket at the heart of Musk’s Mars ambitions.
The filing pitches a total addressable market of $28.5 trillion, described as the largest in human history, spanning space exploration, global connectivity and artificial intelligence. In effect, the market is being asked to price a satellite broadband utility, a Mars rocket programme and an AI moonshot in a single ticker.
As for peers, there is no clean comparison. The company’s closest functional equivalent is arguably NASA, which is not listed on any exchange, and which also happens to be one of SpaceX’s biggest customers.
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