SpaceX has presented investors with a large-scale growth plan combining enterprise artificial intelligence (AI) with satellites and space infrastructure, prompting discussion of a possible valuation of $1.8 trillion.

Cryptopolitan, a blockchain media outlet, reported on Saturday that SpaceX, in listing-related documents, put its total addressable market (TAM) at $28.5 trillion. It assessed the enterprise AI market alone at $22.7 trillion.

The core is not the rocket launch business itself but the data and computing businesses that operate on top of it. SpaceX set rockets as foundational infrastructure, satellites as cash-generating tools and enterprise AI as a major revenue source. It also presented orbital data centres as the key axis linking the two areas. Space mining was included in the business scope, but it is analysed as still at a stage where it has not secured a clear monetisation structure.

The prerequisites for that growth strategy are also clear. SpaceX said the overall strategy could be delayed or limited if development of its next-generation launch vehicle Starship does not proceed as planned, or if it fails to secure launch cadence, reusability and performance. That means the pace of Starship commercialisation is a key variable in the expansion strategy.

Some in the market are also cautious about the presentation of such a large market size. That is because it is a structure in which a company first presents a big market and then must prove its actual ability to capture share. It is compared with Uber’s case, when it presented a $12.3 trillion TAM at its initial public offering in 2019. While SpaceX has secured competitiveness in launch vehicles and satellites, some markets are still difficult to view as typical commercial areas, the report said.

A gap with Europe was presented as a basis for bolstering the plan. SpaceX launched rockets 170 times last year, while Europe carried out 8 launches. In payload mass put into orbit as of 2025, Europe’s ArianeGroup logged about 16 tonnes, while SpaceX was shown to have put up more than 2,400 tonnes. Europe’s emphasis on space sovereignty and strategic autonomy was also contrasted with the point that existing systems are bound by political interests.

Governance risk has also resurfaced. Founder Elon Musk (일론 머스크) was shown to have borrowed $100 million from SpaceX in January 2018, and then borrowed an additional total of $500 million from 2019 to early 2021. The interest rate was presented as under 1 percent to around 3 percent, and the loans were reported to have been repaid by the end of 2021. Controversy is raised because U.S. securities rules do not allow listed companies to provide such loans to executives.

Another factor cited as an investor concern is that SpaceX has supported other companies led by Musk. SpaceX lent funds to Tesla when it needed money, invested in SolarCity and acquired xAI, an AI company that requires large-scale funding. Some investors, including Founders Fund, have previously voiced concern that Musk’s interests could come before those of other shareholders.

Musk said in a past interview about moving funds between companies: "I borrowed money in a few cases when one company was doing much better than another." He added, "If I ask investors for funds, I feel a moral responsibility to invest myself," explaining controversy over conflicts of interest.

Ultimately, the investment logic for SpaceX hinges on how much it can connect AI, cloud computing and the space infrastructure market to actual business, based on execution capabilities secured in launch vehicles and satellites. With Starship development speed and governance risk remaining variables at the same time, whether an outsized valuation becomes reality is expected to be determined by future execution.