With a valuation of $1,770bn, SpaceX is preparing to execute the largest IPO in history. This is more than enough to capture the attention of investors who have dreamed for years of owning a piece of Elon Musk's empire.

But upon reading the IPO prospectus, a surprise quickly emerges: SpaceX no longer presents itself solely as an aerospace player. The company is now structured around three distinct business lines that completely redefine its profile.

More Than Just a Rocket Manufacturer

Space remains, of course, the historical heart of SpaceX. Falcon 9, Falcon Heavy, Dragon, and soon Starship continue to form the group's foundation. Accounting for more than 80% of the world's mass launched into orbit, the company largely dominates its market.

However, rockets are no longer the sole source of growth. Starlink has become an essential pillar of the business, with over 10m subscribers across 164 countries. In 2025, connectivity generated more than $11bn in revenue, surpassing traditional space activities.

This evolution demonstrates that SpaceX no longer views space merely as a destination, but as an infrastructure capable of supporting a much broader ecosystem.

Artificial Intelligence at the Center of the Project

The true novelty of the filing, however, concerns artificial intelligence. Following the integration of xAI and the X platform, SpaceX now houses the Grok models, the COLOSSUS data centers, and the infrastructure necessary for their operation.

This reorganization profoundly transforms the nature of the company. An investor buying a share of SpaceX is no longer just investing in launch vehicles or satellites, but also in AI models, computing infrastructure, and a global social network.

This shift is evident in the figures provided by the company. Out of a total addressable market estimated at $28.5 trillion, nearly $26.5 trillion is attributed to opportunities related to artificial intelligence, far ahead of space ($370bn) or connectivity ($1.6 trillion).

An Ambition That Reaches Far Beyond Earth's Orbit

The projects presented to investors illustrate this new direction. Starship is intended to drastically reduce the cost of access to space in order to deploy more satellites and expand Starlink's capabilities.

Even more ambitious, SpaceX plans to develop orbital data centers starting in 2028. The goal is to utilize the solar energy permanently available in space to power the growing needs of artificial intelligence.

Added to this is a partnership with Tesla and Intel aimed at developing its own AI chips. Rockets, satellites, connectivity, data centers, AI models, and semiconductors: Elon Musk is progressively seeking to master the entire value chain.

Ultimately, the SpaceX IPO may not be about the value of a space company. Rather, it questions Elon Musk's ability to build a global infrastructure blending space, connectivity, and artificial intelligence within a single group.