SpaceX filed its S-1 with the SEC on May 20, 2026, and somewhere inside the 200-odd pages of risk factors and related-party disclosures, the company informs prospective shareholders that it has “identified the largest actionable total addressable market in human history.” The number attached is $28.5 trillion. The roadshow begins June 8. The implied valuation hovers around $1.75 trillion.

This is a prospectus written like a manifesto.

The headline financials are coherent if you squint. Revenue cleared $18 billion in 2025, with Starlink contributing roughly $11 billion, more than half the total. The net loss was $4.9 billion. Cumulative losses since inception now exceed $37 billion. Q1 2026 came in at $4.69 billion of revenue, a $1.94 billion operating loss, and $1.13 billion of adjusted EBITDA, the kind of three-number cocktail that lets every analyst pick the metric flattering to their priors.

The real story is the AI division. After Elon Musk folded X into xAI in 2025 and then merged xAI into SpaceX in early 2026, roughly 60% of 2025 capex, about $20 billion, went into the AI unit. Bloomberg’s calculations put Q1 2026 burn at $7.72 billion against a $2.47 billion operating loss. That’s not a line item. That’s a second company strapped to the first.

The load-bearing answer in the S-1 is a disclosed agreement to supply Anthropic $1.25 billion per month of compute. Jim Cramer told CNBC viewers the deal “dramatically changes the economics of the AI division, potentially transforming it from a money-pit to a money-maker,” projecting $15 billion in annual revenue “almost immediately.”

The filing also commits to orbital compute satellites in Sun-synchronous orbit as early as 2028, on the grounds that “We believe orbital AI compute is an incredibly difficult technical challenge that only we can solve at scale in the near term.”

Tucked into the related-party section: $131 million on Tesla Cybertrucks in 2025 and $697 million on Tesla Megapacks across 2024 and 2025, both at MSRP. Contractual commitments total $25.45 billion, 95% of it landing in 2026 and 2027.

The 1999 prospectuses promised eyeballs. This one promises orbits.

Sources