How did you spend your Memorial Day weekend?

I spent mine reading SpaceX’s 300-page S-1.

An S-1 is the massive document companies file with the SEC before going public.

It contains everything from financials and risk factors to executive compensation and business strategy.

And honestly, the document completely changed how I think about SpaceX.

Most investors still think of SpaceX as:

• Rockets
• Satellites
• Mars

But buried deep inside the filing was a very different story.

The deeper I got into the S-1, the more it became clear that SpaceX is increasingly transforming into:

• An AI company
• Powered by Starlink cash flow
• Wrapped inside a space company

Here are the biggest highlights investors need to know.

SpaceX Is Quietly Becoming An AI Company

The total addressable market (TAM) of space exploration must be enormous… right?

After all, we’re talking about rockets, satellites, Mars colonization, asteroid mining, orbital energy, and an effectively infinite universe.

Wrong.

According to SpaceX’s own S-1 filing:

• The company estimates the Space TAM at roughly $370 billion
• While the AI TAM is estimated at a staggering $26.5 trillion

In other words, SpaceX itself believes AI is a 72 times larger opportunity than space.

And the company’s spending reflects this belief.

For the three months ended March 31, 2026, SpaceX spent:

• $1.05 billion expanding its Space segment
• $1.33 billion on Connectivity (Starlink)
• And a shocking $7.72 billion building AI infrastructure

That means SpaceX is currently spending roughly 7x more on AI than its actual space operations.

This completely changes the narrative around the company.

Most investors still think rockets are the main story.

The S-1 strongly suggests AI increasingly is.

Starlink Is Funding The Entire Empire

Rockets and AI generate the headlines.

But Starlink generates the cash flow.

This was one of the clearest conclusions I came away with after reading the S-1.

In 2025, SpaceX’s Connectivity segment – driven by Starlink – generated:

• $11.4 billion in revenue
• $4.4 billion in operating income
• And $7.2 billion in adjusted EBITDA

These figures represent year-over-year growth of 49.8%, 120.4%, and 86.2%, respectively

Meanwhile, SpaceX’s Space segment lost $657 million in 2025, while its AI segment lost $6.4 billion.

In other words, Starlink is increasingly funding the rest of Elon Musk’s empire.

The rockets launch satellites → The satellites generate recurring subscription revenue → And that recurring cash flow is now helping finance:

• Starship development
• Massive AI infrastructure buildouts
• Musk’s broader long-term ambitions

The deeper I got into the filing, the more it became clear that Starlink may ultimately be the most important business inside SpaceX.

Elon Musk Still Controls Everything

If you buy SpaceX shares after the IPO, understand this clearly:

You are betting on Elon Musk. Not shareholder democracy.

Outside investors will mostly receive Class A shares carrying one vote each.

Meanwhile, Elon owns more than 5.5 billion Class B “super-voting” shares that carry 10 votes apiece.

In total, Musk will control roughly 85% of all shareholder voting power.

And the control doesn’t stop there.

According to the S-1, SpaceX does not plan to:

• Maintain a majority-independent board.
  
  
• Use an independent compensation committee like most public companies.
  
  
• Or even allow certain shareholder claims to be resolved in court, instead requiring arbitration.

In other words, this company is structurally designed to keep Elon Musk firmly in control long after the IPO.

Honestly, this fits perfectly with Musk’s management style.

He has always prioritized long-term control and freedom from Wall Street pressure.

This setup gives him exactly that.

SpaceX Spent Hundreds Of Millions On Tesla Products

There’s an entire section titled: Certain Relationships and Related Person Transactions.

As you could have guessed, the “Transactions with Tesla” subhead is extensive:

• Tesla owns 18,990,195 shares of SpaceX Class A common stock.
  
  
• SpaceX obtained goods and services from Tesla of $11 million in 2023, $4 million in 2024, and $144 million in 2025.
  
  
• xAI obtained goods and services from Tesla of $191 million in 2024 and $506 million in 2025.
  
  
• Tesla has directly and indirectly purchased advertising on SpaceX’s X platform.
  
  
• Even the cost of Elon’s jet usage is split between SpaceX and Tesla.

The lines between these companies are becoming increasingly blurred.

At some point, investors may stop viewing them as separate businesses entirely and start viewing them as pieces of one vertically integrated Elon Musk empire.

Maybe one day my prediction will come true – Ticker Symbol: ELON.

Yes… SpaceX Also Owns Bitcoin

Buried in the S-1 was another fascinating detail: SpaceX owns roughly 19,000 Bitcoin worth approximately $1.5 billion at current prices.

It perfectly fits Elon Musk’s broader worldview:

• Decentralized systems
• AI
• Energy
• Crypto
• And civilization-scale infrastructure

SpaceX is not being run like a traditional aerospace company.

It’s being run like Musk is trying to build the future across multiple industries simultaneously.

So… Will I Buy SpaceX?

After reading this S-1, I came away both more impressed… and more cautious.

The opportunities here are enormous.

So are the risks, the spending, and Elon Musk’s ambitions.

I haven’t fully decided yet on whether I’ll buy shares myself.

I’ve got until June 12th to decide. That’s the day SpaceX is expected to IPO.

But at the very least, I now understand what I’d actually be buying.

And no… regardless of what most people think, it isn’t a rocket company.