93% of SpaceX’s estimated TAM is not space

I keep seeing people ask “how is space a multi trillion dollar industry for SpaceX?” Well, here’s part of the answer. Of the $28.5 trillion estimated total addressable market, $0.3 trillion is estimated in space launch and $1.65 is in connectivity. Where’s the rest? All of it is in an AI business a la Anthropic/Google/OpenAI. They estimate $22.7T will be from enterprise AI services alone. SpaceX themselves estimate their space business will max out at $2T. SpaceX is not IPOing as a space stock. They are IPOing as a software company that also operates space launch, specifically an AI development/hosting company. All taken from the chart on page 11 of their S-1. https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm