After decades of secrecy, SpaceX has submitted its first detailed financial report to the US Securities and Exchange Commission. The document provides a stark look into a company that has grown from a small private enterprise in 2002 to a behemoth with ambitions in space, data, and artificial intelligence.

The S-1 filing reveals revenues of $18.67 billion for 2025, up significantly from the previous year. However, despite turning a slight profit in 2024, SpaceX reported a loss of $4.94 billion in 2025 due to hefty investments in AI development.

SpaceX’s future looks ambitious indeed. The company projects a total addressable market (TAM) of $28.5 trillion across its diverse offerings – from space operations and Starlink internet, to the vast potential of AI compute services. However, only about two-thirds of this TAM is directly related to SpaceX’s core business.

Internal estimates suggest that a significant portion of future growth could come from leveraging rockets and satellites for massive AI deployments. The company bases its projections on third-party data center compute demands and internal assumptions, revealing the scale of ambition behind Musk’s vision for space and technology.