SpaceX Just Rebranded as an AI Infrastructure Company
SpaceX filed for a $75 billion IPO on June 3, seeking a $1.77 trillion valuation — the largest public offering in history. But buried in the S-1 is a more interesting story than Elon Musk's path to trillionaire status: SpaceX is now positioning itself as a vertically integrated AI infrastructure company, not just a rocket launcher. And the numbers reveal exactly how this gamble is being funded.
Starlink, the satellite internet business, generated $11.39 billion in revenue last year — 69% of SpaceX's total sales in Q1 2026 — and it's the only profitable division. Starlink posted $4.42 billion in profit last year at 63% EBITDA margins, while the rocket division lost $657 million and the AI division burned $6.35 billion.
Let that sink in. SpaceX's AI unit — which includes orbital data centers, terrestrial compute clusters, and energy systems — is losing money at nearly 10x the rate of the launch business. The IPO filing frames this as visionary infrastructure buildout. I think it's a high-stakes bet that Starlink's SaaS-like cash flow can subsidize speculative bets long enough for them to pay off.
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