SpaceX S-1 filing reveals AI as primary business focus, with $26.5 trillion addressable market and 76% of first-quarter capital expenditures directed to AI.

SpaceX's S-1 filing shows total addressable markets of $370 billion for space, $1.6 trillion for connectivity (Starlink and related services), and $26.5 trillion for AI, with 80% of the total TAM allocated to enterprise AI.

Starlink subscribers more than doubled in the past year to 10.3 million, with average revenue per user at $66 per month and segment operating income of $1.2 billion in the last three months and $4.4 billion in the past year.

Grok generated less than $1 billion in quarterly revenue in the first quarter, insufficient to cover general expenses and costs of doing business even before R&D expenses, while the company spent $7.7 billion on AI capital expenditures in the same period.