SpaceX had its initial public offering last week. Now Elon Musk is a trillionaire on paper. But what is SpaceX' On one level, of course, SpaceX is a company that builds rockets and spacecraft and launches them into space. (Occasionally the rockets explode.) It is also the company that birthed Starlink, a satellite-internet business that generated more than $11 billion in revenue last year. But the company can be defined in many ways. SpaceX is a financial instrument for Musk. Before the IPO, SpaceX acquired xAI, Musk's artificial-intelligence company, which itself acquired X, the social-media site, back in 2025. The maneuver allowed SpaceX to claim that it believed it had 'the largest actionable total addressable market in human history': $28.5 trillion, to be precise. $26.5 trillion of that, according to the filing, would come from AI infrastructure and applications, meaning not from SpaceX's core business of aerospace engineering and satellites. Maybe most important, SpaceX is a...
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