SpaceX (SPAX.PVT) is going public with a rocket-company reputation, but its own IPO filing points investors somewhere else: AI.

The preliminary prospectus opens with a huge market-opportunity chart that says as much. SpaceX says it has identified the “largest actionable total addressable market in human history,” pegging the opportunity at $28.5 trillion.

That number should be treated carefully. Total addressable market is the full revenue opportunity a company sees in a market, not a forecast of what it will actually win. In IPO filings, it is part math and part sales pitch.

SpaceX wants investors to know that AI is the opportunity.

Of the total, SpaceX says $26.5 trillion is in AI, compared with $1.6 trillion in Connectivity and $370 billion in Space. The rocket company is telling Wall Street that its biggest prize may not be rockets at all.

The rocket business is still the base of the SpaceX story.

Falcon, SpaceX’s workhorse rocket family, launched 96 times in 2023, 134 times in 2024, and 165 times in 2025. Add in Starship, the larger rocket system SpaceX is developing for heavier payloads and deeper-space missions, and SpaceX completed 170 total missions last year.

The company also says it launched more than 2,200 metric tons to orbit in 2025, representing more than 80% of global mass to orbit. In plain English, SpaceX says it carried most of the world’s orbital payload by weight last year — a measure of how dominant its launch system has become.

That scale gives the rest of the filing its foundation. It supports Starlink, which remains the clearest commercial engine in the prospectus.

Starlink subscribers climbed from 2.3 million in 2023 to 4.4 million in 2024, 8.9 million in 2025, and 10.3 million in the first quarter of 2026.

The same chart shows the tradeoff. Average monthly revenue per user fell from $99 in 2023 to $66 in the latest quarter, a sign that Starlink is adding users quickly while pushing into lower-priced markets and plans.

Then comes the actual spending.

SpaceX’s capital expenditures — money spent building and expanding the business — were $4.4 billion in 2023, $11.2 billion in 2024, and $20.7 billion in 2025. Annualizing the first quarter of 2026 puts that pace near $40 billion, roughly double last year and in line with the prior two annual jumps.

AI is driving the ramp. SpaceX’s AI capital spending went from $463 million in 2023 to $12.7 billion in 2025. At the first-quarter pace, AI would account for most of the company’s investment spending this year.

That changes the way investors should read the filing.