​ Thomas Shipp | Head of Equity ResearchJune 02, 2026 Additional content provided by Tucker Beale, Sr. Analyst, Research. Interest in the IPO space has skyrocketed in the lead up to the public listing of SpaceX. And for good reason. SpaceX is looking to raise as much as $75 billion in what is expected to be the largest IPO ever, with a projected valuation range of $1.75 trillion to north of $2 trillion. Today we will cover what the company does, what it intends to do, and our key takeaways from the watershed S-1 filing. SpaceX’s mission is to “build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.” Those lofty ambitions currently manifest as three businesses: Reusable rockets for space travel, Starlink for connectivity, and xAI’s Grok “truth seeking” frontier AI model (with access to the social media platform X for training data). Along with serving their existing markets, these three business lines have the combined goal of starting to deploy orbital AI compute satellites working as data centers in space as early as 2028. By lowering the cost of transportation to orbit and leveraging expertise gained by managing the existing constellation of Starlink satellites, SpaceX looks to sidestep existing power bottlenecks restraining the AI race with a solar powered network of satellites. SpaceX management believes AI leadership will be defined by vertical integration of infrastructure and application. In other words, the ability to rapidly scale capacity to support exponential usage growth and frontier intelligence, supported by the belief that more computational resources lead to higher-quality intelligence. Management’s focus on this goal is outlined in their total addressable market (TAM) projections, which skew heavily towards AI enterprise applications powered by AI satellites and mirrors the estimated total market for knowledge work.  SpaceX’s Estimated TAM by Segment