SpaceX Claims $28.5 Trillion TAM, With $26.5T in Early-Stage Business

SpaceX cites a $28.5 trillion total addressable market in its IPO prospectus, with $26.5 trillion tied to early-stage ventures. Only 1% of the TAM relates to rocket launches, which it values at $370 billion. Starlink accounts for less than 6% of the total TAM and is the company's only current profitable segment.