Space Exploration Technologies (SPCX +5.58%) has the potential to be one of the most exciting companies in history, opening up new markets and disrupting industries. However, it could take some time for it to realize some of its loftier goals. In the meantime, investors should be aware of some of the company's more immediate opportunities.
Let's look at three numbers that every investor should know before investing in SpaceX.
1. SpaceX claims it has a $28.5 trillion TAM
The total addressable market (TAM) opportunity that SpaceX management sees today is $28.5 trillion. In its IPO prospectus, the space company said it was chasing the largest opportunity in human history.
Image source: The Motley Fool.
Notably, this number is based on the total revenue it believes it could capture in 2026 if it had 100% market share in every category it currently competes in, not a distant projection. As such, this number does not include future opportunities like data centers in space, Earth-to-Earth transport, or asteroid mining.
Within its TAM, artificial intelligence (AI) is its biggest opportunity, representing 93% of the total at $26.5 trillion. Within this AI opportunity, it sees subscriptions as a $760 billion market, with digital advertising adding another $600 billion. This would stem from its Grok and X (formerly Twitter) businesses. Its TAM for AI infrastructure, meanwhile, is pegged at $2.4 trillion.
The vast majority, though, comes from the enterprise applications market, which SpaceX views as $22.7 trillion. This isn't a made-up number but one derived from the Digital Cooperation Organization's estimate of the total digital economy's value in 2026. It includes everything from agentic AI and AI automation to cybersecurity, enterprise applications, and cloud computing.
Outside of AI, SpaceX has a $370 billion market opportunity in its space segment, its rocket-launching business. It also sees a $1.6 trillion connectivity opportunity tied to its Starlink satellite internet business. Broadband represents an $870 billion opportunity, while mobile adds another $740 billion to its TAM.
It's a large opportunity, and SpaceX currently appears best positioned to capture revenue in the AI infrastructure, broadband, and space segments.
2. SpaceX set a $1 trillion revenue target
The revenue target that Elon Musk set for the company to hit in 2030 is $1 trillion. That's a huge number, especially considering the company just recorded revenue of $7.8 billion in Q2 and $12.5 billion through the first half of the year.
Connectivity is currently its largest segment, with its revenue soaring 66% last quarter to $4.3 billion. It saw strength both in the enterprise & government sectors (108% revenue growth) and the consumer space (44% revenue growth), while its subscribers doubled year over year to 12 million. This business should continue to grow quickly, and any push it makes into the U.S. mobile market could accelerate that growth.
Following its $60 billion acquisition of Cursor, AI coding is another major opportunity for the company and a gateway into the enterprise applications market. Cursor's AI platform acts as a workforce interface layer that can write, edit, debug, and review code using both third-party AI models and its own. Morgan Stanley has estimated that Cursor's annual recurring revenue could climb from around $8 billion at the end of 2026 to $33 billion by 2030.
NASDAQ: SPCX
Key Data Points
The biggest potential driver for SpaceX to possibly get $1 trillion in revenue, though, is AI infrastructure. This was its fastest-growing segment last quarter, with its revenue skyrocketing from $737 million last year to $2.6 billion. However, this is just the start.
The company recently signed a $1.1 billion-a-month deal to lease out AI infrastructure and said it could potentially double the number of GPUs used by its Colossus 2 supercomputer by year-end. Even bigger, Anthropic recently revealed it could spend up to $84.5 billion renting AI infrastructure from SpaceX through 2029. That was nearly double the amount SpaceX disclosed in May. Meanwhile, on SpaceX's last earnings call, Musk said the company's computing capacity would significantly rise next year, going from around 2 gigawatts to closer to 14 gigawatts in 2027.
That said, reaching $1 trillion in revenue by 2030 looks highly ambitious, and the current revenue consensus is just under $400 billion. My guess is it falls somewhere in between Musk's target and the current consensus.
3. A $112.8 billion revenue consensus for 2027
The current 2027 revenue consensus for SpaceX is $112.8 billion. That puts its forward price-to-sales (P/S) ratio at around 18 times. That's a hefty amount, but it drops to 10 times on the $196.6 billion 2028 consensus and 7 times on the $286.1 billion 2029 consensus.
The stock is pricey in the near term, but if it lives up to analyst expectations, its valuation becomes much more reasonable, and if it meets Musk's goals, it gets relatively cheap pretty quickly.
