Legacy OEM Financials
Obliterated by SpaceX — May 2026

With its IPO, for 5% of the stock, valuing SpaceX at around $1.8tr ($1,000bn) in total, the Legacy OEMs — Boeing and Airbus — look to have been sidelined by the financial sector, with their respective stockmarket valuations being $172bn and $162bn. Yet both these corporations were profitable last year, net profit of $6.9bn in total, compared to a loss of $4.9bn at SpaceX.

SpaceX is exciting because it is positioned, thanks to the omniscience of Elon Musk, at the forefront of a new technological revolution that could change global industry and society. The key to understanding SpaceX’s valuation is contained in this (remarkably low tech) graph taken from the SpaceX Prospectus, showing the estimates by the company and its advisors, led by Goldman Sachs, of its Total Addressable Market (TAM) — $28.5tr. This is the potential that SpaceX has, and is comprised of three main segments.