This week's chart comes from SpaceX's S-1, the legal filing a company submits to US regulators ahead of an initial public offering. This is envisaged as the largest IPO of all time and it is not your conventional S-1. Alongside the audited accounts and risk factors sit phrases about extending consciousness to the stars and making life multiplanetary, wrapped around a claim to the largest actionable addressable market in human history at $28.5 trillion... enterprise AI.
But if you thought space travel and colonising the stars might be expensive, the eye-watering numbers are actually for the AI business. Despite the name, SpaceX is no longer just rockets and satellite internet. It is now, by its own framing, an AI company. AI accounts for 93% of the claimed TAM, 76% of capital expenditure in Q1 2026, and gets mentioned more than 200 times in the filing. Connectivity, the Starlink business, made money in Q1. Space, the rockets, lost $622 million. AI lost $2.47 billion on $818 million of revenue, with capex running at over $30 billion annualised.
The problem for SpaceX is what that GPU infrastructure is currently doing. Since the February merger folded xAI into the new SpaceXAI division, the Colossus build sits under the same roof as Grok. But instead of powering Grok, it is being rented to Anthropic on a $15 billion a year deal that the customer can cancel with 90 days notice. The largest AI bet in IPO history rests on a contract thinner than a Starlink subscription.