SpaceX is hitting the road.
Elon Musk’s rocket company is in the middle of its IPO roadshow, with SpaceX shares expected to make their public market listing debut late next week.
After filing its public S-1, which revealed SpaceX recorded a $4.9 billion loss in 2025 on $18.7 billion in revenue, the company is now making its pitch to investors in an effort to drum up interest. That includes a custom website and a pitch from its CFO, Bret Johnsen.
SpaceX’s pitch is 17 minutes and covers its products, financials, and vision for business on the moon. If don’t want to watch the whole thing, here are the highlights:
Johnsen listed SpaceX’s achievements. It was the first private company to successfully dock a spacecraft at the International Space Station, he said, and the first to propulsively land a rocket from space.Reusability was Johnsen’s keyword. “Rocket reuse” has driven down costs and upped launch cadence, he said.Johnsen walked through SpaceX’s “algorithm,” the culture of innovation that includes tenets like optimizing and automating.He pointed to Starlink, SpaceX’s satellite constellation, as a key achievement. It can “deliver in many areas and in many cases where terrestrials just can’t,” he said.Starlink has 10.3 million users and touts over 100% year-over-year growth, Johnsen said. He also shouted out its use by commercial airlines.SpaceX acquired Musk’s AI company, xAI. Johnsen emphasized the value of the AI business, saying that SpaceX owned “the full value chain.”He shouted out the Colossus 2 data center and said that orbital AI compute — or data centers in space, an idea that has received skepticism — would be the “clean energy solution.” These data centers in space would address “some of the concerns related to AI data centers popping up,” he said. (Indeed, the backlash is strong.)Johnsen referenced SpaceX’s deals with both Anthropic and Cursor.Not long ago, Twitter was a publicly traded company. Then Musk bought it, renamed it X, brought it into xAI, and then brought xAI into SpaceX. Johnsen shouted out X as a source of “real-time data,” though he did not reference its use as a social network.Anyone who followed SpaceX’s S-1 saw that massive estimated TAM, or total addressable market. Johnsen said that there is an “incredibly large total addressable market that we’re going after” — as in, over $28 trillion.Like the S-1, some of Johnsen’s pitches sounded like science fiction. He promised greater opportunity for “the lunar economy.”This year’s Big Tech buzzword: capex. Tech companies are spending billions on AI computing — and SpaceX is no different. Johnsen said SpaceX was “not alone” in its large expenditures, and said that the majority of its $21 billion investments last year was spent on AI.Why does SpaceX think it will win? Johnsen laid out his key points: Orbital launches, satellites, AI models, X. The company has “extreme vertical integration,” he said.For those looking for harder numbers, the video includes an appendix of tables.
