SpaceX-the-space-launch-business is doing amazing things, which is part of what makes it so sad that the financials and buzz is all for SpaceX-the-enterprise-AI-business.

Their S-1 projects $28 trillion TAM, with 93% of that attributed to AI, ~6% to connectivity via Starlink, and only ~1% for space launch capability.

Of their $20 billion CapEx spent in 2025, 60% was spent towards AI data-centers, 20% was spent towards Starlink satellites, and ~20% was spent towards actually building Starship and Falcon 9. That's gone up to nearly 80% towards AI in Q1 2026.

Of course, "AI" makes up only ~20% of their current revenues.

So... this company is priced as an AI startup but it's actually a satellite internet and space launch business.... or is it? Shame to see the coolest thing that Elon did be eaten by the AI monster.

https://www.sec.gov/Archives/edgar/data/1181412/000162828026...