SpaceX valued its largest market at a potential worth of $28.5 trillion, with 97% attributed to artificial intelligence rather than space technologies.

SpaceX enters the corporate AI arena

Over the past 25 years Elon Musk has turned space exploration into a profitable business. Now his company Space—rocket and satellite manufacturer—is targeting the artificial intelligence (AI) market for enterprises.

IPO plan and expected valuation
* IPO: slated for summer, goal is to raise about $75 billion.
* Market cap after listing: could reach $1.75 trillion — the largest initial public offering in history.

Potential market (TAM)
SpaceX estimates the total potential AI market for business at $28.5 trillion.
* Over 90% (≈$26.5 trillion) pertains to the AI sector.
* Of those, $22.7 trillion are corporate clients.

> “We believe we have identified the largest potential market in human history,” reads the S‑1 filing.

Although TAM is not a forecast, it matters to investors: similarly Uber announced opportunities of $5.7 trillion for ridesharing alone at its 2019 IPO.

Current situation and competitors
* Corporate AI is currently dominated by Anthropic and OpenAI—both companies plan to go public this year.
* In February 2024 SpaceX absorbed its own xAI lab, founded by Musk in early 2023.

xAI financials
Year | Operating loss
2024 | $6.4 billion (up from $1.6 billion in 2023)
* xAI losses exceeded Starlink profit ($4.4 billion), which generated $11.4 million of total revenue $18.7 million.
* SpaceX’s net loss for 2025 is projected at $4.9 billion.

Investments in AI
In 2025 SpaceX’s total capital expenditures were $20.7 billion, of which $12.7 billion was directed to AI—more than the combined space and communications businesses.

* The company plans to use existing xAI tools:
* Grok Enterprise—a corporate chatbot.
* Macrohard platform (in partnership with Tesla) for autonomous control.

Sales strategy
SpaceX announced the creation of a specialized sales team and appointment of engineer‑consultants who will help clients implement AI solutions.

> “Our corporate strategy, focused on meeting the digital needs of the world’s largest industries through AI-based solutions, gives us competitive positions to leverage this rapidly growing opportunity,” says the company.

Criticism
Not all analysts share such optimistic expectations. Some believe SpaceX’s real potential is significantly lower than the company claims.