Rely on AI instead of spaceships? SpaceX predicts that 90% of the total service market will be related to artificial intelligence.

SpaceX is painting a growth path for investors that is different from the traditional space narrative, with its future biggest opportunity possibly not being in space ship transportation or satellite internet, but in artificial intelligence business for corporate clients. According to media reports citing IPO documents, SpaceX estimates its total addressable market (TAM) could reach $28.5 trillion, with over 90% related to artificial intelligence, approximately $22.7 trillion directly targeting the corporate client market. This statement comes as the market is focusing on the company's potential IPO this summer. Reports suggest that SpaceX's market valuation for the IPO could be close to $1.75 trillion, with a fundraising target of around $750 billion, possibly making it one of the largest IPOs in history. According to the documents, SpaceX sees AI tools, enterprise software, and embedded engineering teams as key drivers for future growth, aiming to expand from space and communication companies to AI infrastructure and enterprise service platforms. This vision contrasts sharply with the company's current revenue structure. Data shows that Starlink remains SpaceX's profit pillar. By 2025, Starlink is expected to contribute $114 billion out of the company's $187 billion revenue and bring in $44 billion in operating profit. However, the acquisition of xAI in February has weighed down performance, significantly increasing related losses and resulting in an overall operating loss of $49 billion for the company. Artificial intelligence has also become a focus of capital expenditure. By 2025, SpaceX's total capital expenditure will rise to $207 billion, with $127 billion directed towards AI projects, exceeding the total investment in aerospace and connectivity businesses. The company plans to continue building AI infrastructure in the future, including GPU deployments, and expanding the sales team dedicated to serving corporate clients. Analysts believe that SpaceX is trying to present a narrative of an "AI infrastructure platform" rather than just a "space company" in the capital market story. However, there are doubts in the market about this valuation logic. Some observers believe that based solely on SpaceX's existing business fundamentals, it may be difficult to fully support the high valuation that investors may assign, and whether the company's IPO will succeed largely depends on the market's confidence in Musk's artificial intelligence vision, not just its current financial performance.