这项提案的核心是 xAI，SpaceX 和 Elon Musk 将其视为 AI 策略的中心，尽管这项业务仍处于早期。申报称，xAI 去年创造了 3.2 billion 的销售额，但营运亏损 6.4 billion，前一年的亏损约为 1.6 billion，凸显出快速支出与日益上升的雄心。SpaceX 也在推动与 Tesla Inc. 合作开发一套名为 Macrohard 的代理型 AI 系统，称这项技术可自动化数位工作流程，并已开始与 Cursor 和 Anthropic 等公司敲定算力交易，为孟菲斯的资料中心供应算力。
文章指出，投资人被要求把一个远大于当前成果所能证明的未来计入价格，特别是在 SpaceX 于 2月 以全股票方式收购 xAI、使合并后实体的估值隐含达到 1.25 trillion 之后。SpaceX 也正把 AI 叙事与其和 Tesla 的 Terafab 晶片工厂计划连结起来，总投资可能超过 119 billion，且该设施被形容为可能是全球最大的晶片制造基地。但公司面临怀疑：分析师表示，企业应用的 TAM 需要更多说明，xAI 仍落后于前沿实验室，Grok 因安全护栏薄弱而受到抨击，而监督团体则敦促投资人要求更多关于风险的揭露。
SpaceX is pitching its upcoming IPO as a direct AI bet, framing a $26.5 trillion opportunity within a $28.5 trillion total addressable market across its businesses, of which AI is said to represent 93%. The company says the biggest upside lies in enterprise software that can automate white-collar and administrative work, while space, Starlink internet, and mobile together would add close to $2 trillion. The filing marks a shift in how Wall Street is valuing SpaceX, with investors now modeling it as a contender against OpenAI, Anthropic PBC, and Alphabet Inc.'s AI systems rather than only as a rocket and satellite company.
The core of the pitch is xAI, which SpaceX and Elon Musk are treating as the center of the AI strategy even though the business is still early. The filing says xAI generated $3.2 billion in sales last year but lost $6.4 billion from operations, after losses of about $1.6 billion the prior year, underscoring both rapid spending and rising ambition. SpaceX is also promoting the development of an agentic AI system called Macrohard with Tesla Inc., saying the technology could automate digital workflows, and it has begun striking compute deals with firms such as Cursor and Anthropic for data centers in Memphis.
The article suggests investors are being asked to price in a far larger future than current results justify, especially after SpaceX's all-stock acquisition of xAI in February implied a $1.25 trillion valuation for the enlarged entity. SpaceX is also tying the AI story to its Terafab chip-factory plans with Tesla, with total investment potentially exceeding $119 billion and the facility described as potentially the world's largest chip manufacturing site. But the company faces skepticism: analysts say the enterprise-applications TAM needs more explanation, xAI remains behind frontier labs, Grok is under fire for weak safety guardrails, and watchdog groups are urging investors to demand more disclosure about the risks.