SpaceX files S-1 for Nasdaq IPO under ticker SPCX targeting $1.75 trillion valuation and discloses xAI driving 60 percent of 2025 capital spending

SpaceX is such a bad ass company. In their IPO filing, they wrote this:

• The first private company to develop and launch a liquid-fuel rocket to reach orbit (2008)

• The first private company to successfully dock a private spacecraft with the International Space Station (2012) • The first to successfully propulsively land (2015) and refly orbital-class rocket boosters (2017)

• The first to begin deploying a large-scale LEO broadband satellite constellation (2019);

• The first private company to transport astronauts to orbit, returning America's ability to fly astronauts to and from the International Space Station (2020)

• The first to manufacture consumer-grade phased-array user terminals at scale (2022); The first to deploy a large-scale LEO satellite-to-mobile constellation (2025)

• The first to build a gigawatt-scale Al training cluster and largest coherent supercomputer (2026)

• The first gigawatt-scale Megapack battery installation (2026); and

• The only company capable of building orbital AI compute at scale.

BOOM.

SpaceX in IPO filing: "We believe we have identified the largest actionable total addressable market in human history. We estimate that our quantifiable TAM is $28.5 trillion, consisting of $370 billion in Space from space-enabled solutions; $1.6 trillion in Connectivity across $870 billion in Starlink Broadband and $740 billion in Starlink Mobile as well as additional opportunities in enterprise and government; $26.5 trillion in AI across $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and $22.7 trillion in enterprise applications. For illustrative purposes of sizing our addressable market opportunity, we exclude China and Russia from our global estimates."

SpaceX in IPO filing: "We believe we have identified the largest actionable total addressable market in human history. We estimate that our quantifiable TAM is $28.5 trillion, consisting of $370 billion in Space from space-enabled solutions; $1.6 trillion in Connectivity across $870 billion in Starlink Broadband and $740 billion in Starlink Mobile as well as additional opportunities in enterprise and government; $26.5 trillion in AI across $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and $22.7 trillion in enterprise applications. For illustrative purposes of sizing our addressable market opportunity, we exclude China and Russia from our global estimates."

SpaceX in IPO filing: "We believe we have identified the largest actionable total addressable market in human history. We estimate that our quantifiable TAM is $28.5 trillion, consisting of $370 billion in Space from space-enabled solutions; $1.6 trillion in Connectivity across $870 billion in Starlink Broadband and $740 billion in Starlink Mobile as well as additional opportunities in enterprise and government; $26.5 trillion in AI across $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and $22.7 trillion in enterprise applications. For illustrative purposes of sizing our addressable market opportunity, we exclude China and Russia from our global estimates."