Ryan Mac

There are estimates that it does more than 85% of all mass into orbit from Earth is through a SpaceX rocket.

And from that, it's been able to build up Starlink as well.

And so you get this kind of very healthy business off those two things.

So the question marks are stemming from the company's investment into AI.

Earlier this year, you had SpaceX merge with Elon Musk's AI company, XAI.

And at the time, Musk justified it as the convergence of synergies.

He saw the future of AI taking part in space.

And that's because he believed that

Basically, data centers in the sky.

Data centers in the sky circling the Earth, you know, that was the vision for this merger.

And bolting on that AI company onto this successful space company has caused financial strain.

The company's capital expenditures doubled to $20.7 billion in 2024.

In 2025, it recorded a $4.3 billion loss across its whole business.

And that has put a financial strain on SpaceX's IPO documents.

Correct.

And I should say that there are other factors beyond AI.

It's incredibly expensive to build these rockets.

The company's also looking to build something called Starship, which is the rocket they believe will bring people to Mars.

But AI right now is the millstone around the company's neck.

Well, it's saying it's going to do all these things in the future.