Elon Musk is touting SpaceX as humanity's ticket to Mars. But the company's pitch to investors for a potentially historic IPO reveals that its main business will be the same as Big Tech: building artificial intelligence.
The difference is in how the companies fund the spending. While Alphabet and Microsoft have deep operating cash flows, SpaceX is bankrolling its push with revenue from rockets and satellites, leaving it with a cash-burn profile closer to a late-stage startup than a trillion-dollar incumbent.
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