SpaceX Reveals Its Real Growth Engine - And It's Not Starlink
SpaceX, the aerospace firm led by Elon Musk, is telling potential investors that its biggest future opportunity may not be space or satellites, but artificial intelligence for businesses. In documents reviewed by Reuters, the company said its total market opportunity could reach $28.5 trillion, with more than 90% of it tied to AI and about $22.7 trillion coming from enterprise customers. Because of this, SpaceX is positioning AI tools, enterprise software, and engineering teams as its main growth drivers going forward.
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This outlook comes as the company prepares for a potential IPO this summer, which could value SpaceX at around $1.75 trillion and raise about $75 billion. If that happens, it would be the largest stock market debut ever. However, this vision looks very different from SpaceX's current business. Right now, Starlink is still the main source of profits after generating $11.4 billion of the company's $18.7 billion in revenue and $4.4 billion in operating profit last year.
However, its shift to AI is already affecting the company's financials. More specifically, SpaceX reported an overall operating loss of $4.9 billion, partly due to growing losses from xAI, which it acquired earlier this year. In addition, spending has surged, with total capital expenditures reaching $20.7 billion in 2025, including $12.7 billion tied to AI alone. While the company plans to invest heavily in AI infrastructure and sales, some analysts remain skeptical, saying that its valuation may depend more on belief in Elon Musk's plans than on its current results.
What Is the Prediction for TSLA Stock?
When it comes to Elon Musk's companies, most of them are privately held. However, retail investors can invest in his most popular company, Tesla (TSLA). Turning to Wall Street, analysts have a Moderate Buy consensus rating on TSLA stock based on 13 Buys, 12 Holds, and five Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $412.93 per share implies 9.3% upside potential.