Money Stuff: SpaceX Investors Can’t Complain

TAM, lawsuits, DMs, TCI, eBay. View in browser com/s/c/BGUMP7PK7r6vDjsUMEkDkp4MlVF7kpzbVh5WPCD0dxcV78wokjp57pE4mH4N09W2ufkwqU3pw9NHzIW0JMb6kOSDNuuS_PYRgyVTQ3OyOCKXvOP9vTt8VjkaMwrUsdhUV8Z_FQUhl6IJXu-bzmqNVw1pXqHveQBN78efOfPyGaMF8WX7eT7jVhQd_2JfzEw5yXlbdF7v5NAQROovXD2Pgx_xMz1y4DT_8BZoOIKFMSQRJVgho49uLpT9bN3LmCtwpSap5k-e59dupzTEHR_aLKoBs07--k63FJy8QQmqKfkrYACexdr-6ovcXTPUQGfshjzha0pZY69EN5h6GnZdEKXC3ms9C6xN7izt_mEiUAMf1PyFmty9b7u3xg/VHFdeunW_A2m6wriDEF1YGPxZ9LSRadz/20> [image: Bloomberg] com/s/c/cBompPG8_MoBhrdsgEKBCTKKi67uDxS8w74hIaku2InoD_1pzmV2B3B2bp8Re3eNpwz-gpmjpPUl6GuMhOBuht0vgZdFEpKt7AwSa-_FVOT_CtEyMOtTjgvnXHnjccegzHhNFohwOmW47ZmWXIQCMfX5MMU6ACA7bzyGa5ZFeLfL7wDAGbWOe1STXC0tQT38l2XxIp9tpcWFF06u6CbY4quPSuffhGiPC0QUxZiSdAzKifOQemm2-iTavvhvJS1wJqcv_Lw9sGuYj2Cje4YXRtERY8vKjs_M87d5_PBwaYbZxUbQh53-ohq1jigjnIgp20vBLFIzCGMxIwDMLcHpVlEw4J1Z_EOskvSSCisdZeL8Angp1c6dKmX_dQ/2SW8q-Kz6o-Sqb60h5_bSE_dAIbdA75s/20> com/s/c/GQ1mUdpZG2UxC0EOe2cxWsc0jpiIodxrmyJ9msj6f6Od_W1YOCJkJDyuu9WNQr2Yee7j-Ohdenqy9fzxJ7mebOfBjGXVSUbUxDeXUifEVeqyiUrLCxG4LB6JpmGs_lEtb8FbmSKNp7SvNxh-8kPWUSlNRewqSRXjX6UBnTqM2C68Mn2XiQci1gV_MZfJhaIuUc1_Xk0Rx3pPtS1DFeHkySzjJy1aoZA5Ckg4yyoWfbgIcUQFQtuAUjVekGK7hPuZYiZh5VZCwhu71NxDtDISA-eDuY2Gg_a-Dme57QRggYUbVOdE8hcG3kivJHpSaINcj5J7xpoq4sbNZdPUOa0NuSXCWQlMyvp61Zn21S-LNVac2c66X1LENV9oq0sN4IEZMisdPC7U9ZMQKws1iRJ3J2lvNSP6lntrbmfBK1Bs8tVrhGrXvYI0kICNCmpX3Bos1Du6_JEkP3T-uxADltBhFkpA7tf0ZgZQAACtvaK92fJa61FgNPjVpt_UUR_iNbpFj7kq2RpU8IHDD7jOj0JCXmCDtuZdN0uajZ64yLQYfHOtL2JTC4oqHVvqOMC_0kF3nyZ1mAEPP-KB4W52QvyNDXRduCAKEmHHT2J2CcLGSj3Nnm8XbTcXZjw_9mkMymphheE009gZr5bDVoi-6iRdE-eu8Gtemc3TFlGHS4kP3UfK0MPJUFRnDBEQPvWXmtPZQu-O7Oismyh3HoM/bXbRfRw9_G4Q5zBd02z_sP-yrzxb4Dgv/20> com/s/c/z-bg9GWpy1SvNJZHZVPYoAjh0kQ65MIGCoVu9U2LBMYkmZkkvHHImwZWk2Tdo8MTCdN-hbFYDHN9mjLCmO2JW7dXX59axy-uiYqmibhmV-VNwFBGOyybKcTi4-0DbfX23rSP9LAXep3p32vDx2SFdVIPXf2gc--Jsbe5S08t-DWcT1qRJj0ivekbhLrQnV2LRIj8jhiaZMTdibNaH4DuVmTre1rUhG5-2PoSaPEQMfLqSln85XtbIi0UIuMjh9vuR99NCMaFM1wXEjbYQn11wyv7q4F-FcTqa5RCpJVhF9XT1zBsaT_WNgV-Bnd62GPMGBSRWrvA0yIztwWl671P9tZk4nh0PNC9mrnCe2K7Tuo4hMQCba3ULLhRGg_xRIAnKXqDw8kzPBRImKx0zw_QMeGKI370oyFw9Dkjz51cU-C9rH3f7gDPLpwe9bmEyKeCD2hGK0b3Vu7PtBBJyMJZM53WVcMN3vK3WfNArMdV4R0jCaW9q2Yzu0G69gi6EQmoaZmcEwl1xPX6WuzAivb-54jyzfNXRdR0B-j5GZRcO-oIpa-PeP5rbALcY5WePb-9nnmwjV3vabGBKUkX-X2jvJXHXNa_2TwrLSC-XK8Av07DUv9RBkC0a025A8F6zIiuMj8ke_20hg9CfPVj5Eap_UzYg7R6WSbV2JcY6FPGkUFOz_RlUx0hmE1s14IqecQfEdTAIKybFL9ak4k/OIqoetk_sLlhETyQradjXeZoa6rL9r_A/20> SpaceX: TAM “We believe we have identified the largest actionable total addressable market (‘TAM’) in human history,” says the prospectus for SpaceX’s initial public offering com/s/c/NSbT7WEbRfXguDrXYNaBDuu8x3CFTHNODr57ZvwOaViI2hUC_h8B7iurZitps8VRwcwHJA_h54430MXLt25_nwWL0EA_VTp-yYKtpU3qnMsgtagVfuSvX3EQT3B2F3YfvjtD9Vu7ygkjpNLd2qIWF4XxW_Z6V8gZXtLEKO8zi2J_3ZDtbPEn5vB7tEXD1IFBMxKOAeADJm22xHlPkbnDVsP343CfXqhAmnaICkKtQWfuHQ73OCalA3m51WBkcLuvrxOkqcrrTKzMphPiQJvOU4i8bfwIIh3bB9WrLp0oECXCPQ0AUb5KK6zpMDmwfgTM6PGL8mSgANJlkD0xzQ5VPSDpTXSQkxqiiajV4js7Op4vtncOJnTy5lXhUg/TDV50MzCe2iD2s2RUKnv-ld3kq8tp9fz/20>, and, duh, of course. Every other company in human history has had essentially the same business model, which is “we will sell goods or services to people on Earth for ” The upper bound on every company’s TAM has been something like the number of people on Earth times the amount of money they can spend, the gross domestic product of the Earth.

SpaceX has much higher ambitions. “Our mission,” it says, “is to build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the ” The upper bound on SpaceX’s TAM is the gross domestic product of *the universe*. Elon Musk is going to make humanity a multiplanetary species, and then we’re really cooking. Why sell goods and services to a few billion people crammed onto Earth, when you can sell goods and services to a few trillion people spread among the stars?

“We believe that our current space efforts will catalyze transformative breakthroughs that could reshape terrestrial industries and lead to the emergence of new trillion-dollar markets on the Moon, Mars, and beyond,” says the prospectus. Every other company is stuck in our dreary modern reality, but SpaceX operates in a *Star Trek *universe with obviously larger economic potential. [1] <#m_5208210554805681538_footnote-1> I’m sort of kidding. Here is SpaceX’s actual description of its total addressable market [2] <#m_5208210554805681538_footnote-2>: We estimate that our quantifiable TAM is $28.5 trillion, consisting of $370 billion in Space from space-enabled solutions; $1.6 trillion in Connectivity across $870 billion in Starlink Broadband and $740 billion in Starlink Mobile as well as additional opportunities in enterprise and government; $26.5 trillion in AI across $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and $22.7 trillion in enterprise applications.