Key facts
- SpaceX shared a 17-minute investor pitch video from CFO Bret Johnsen for its upcoming IPO.
- The pitch covered SpaceX's rocket business, Starlink's successes, and AI spending.
- SpaceX recorded a $4.9 billion loss in 2025 on $18.7 billion in revenue.
- Starlink has 10.3 million users and over 100% year-over-year growth.
- SpaceX acquired Elon Musk's AI company, xAI.
- Johnsen mentioned an estimated total addressable market of over $28 trillion.
SpaceX has released a 17-minute investor pitch video from its CFO, Bret Johnsen, as part of its IPO roadshow. The video details the company's achievements, including being the first private company to dock with the ISS and propulsively land a rocket. Johnsen highlighted "rocket reuse" as a key cost-saving and efficiency driver. He also emphasized the success of Starlink, SpaceX's satellite internet service, which has 10.3 million users and is experiencing over 100% year-over-year growth. The pitch also focused on SpaceX's growing artificial intelligence business, following its acquisition of Elon Musk's xAI. Johnsen discussed the value chain of AI, mentioning the Colossus 2 data center and the concept of orbital AI compute, which he suggested could address concerns about terrestrial AI data centers. He noted SpaceX's deals with AI companies Anthropic and Cursor, and referenced X (formerly Twitter) as a source of real-time data. The company estimates a total addressable market of over $28 trillion. Johnsen also outlined SpaceX's strategy for winning in the market, emphasizing orbital launches, satellites, AI models, and X, underpinned by "extreme vertical integration." The company made significant investments, with the majority of its $21 billion in expenditures last year allocated to AI. The pitch also touched upon opportunities in the "lunar economy."