A well-known secret about its finances, SpaceX opens its books for the first time

After nearly a quarter of a century of operating as a private company, with its financial accounts a closely guarded secret, SpaceX on Wednesday afternoon released its nearly 400-page financial statements. S-1 recording and the US Securities and Exchange Commission.

SpaceX, which was founded in 2002 and is still led by Elon Musk, issued the statement in anticipation of the initial public offering of its shares as soon as June 12.

The document did not reveal the most surprising aspects of the company’s operations, but there were details of how its services are expanding, which now include installation, aerial broadcasting, internet from space, and, thanks to the recent discovery of Musk’s xAI, social media and AI.

The company reported revenue of $18.67 billion in 2025, up from $14.02 billion last year. However, after achieving a small profit in 2024, the company will lose $ 4.94 billion in 2025 mainly due to spending on artificial intelligence.

That’s a big market you have there

SpaceX is creating a “total market cap” or TAM, of $28.5 trillion for its current and future offerings in space, data, and AI services. However, of this amount, about $ 2 trillion is directly related to the space or network of the Starlink company. The remaining $26.5 trillion is believed to come from AI, mostly from the business sector.

SpaceX’s estimate of the total potential market.

Credit: SpaceX S-1 filing

“We believe we have realized the largest TAM in human history,” the company says on page 171 of the filing. “We believe our next trillion-dollar market is AI computing, which we think will power our rockets and satellites into orbit.”

The company said its calculations for this large market were based on several factors.

“Our AI market estimates are based on global demand data from third-party sources, including estimates published by the RAND Corporation, as well as internal estimates of the share of global computing power that can be used for AI services and other operational considerations such as power consumption, usage rates and pricing,” he said.