Elon Musk’s company, SpaceX, will soon go public, with June 12 being the projected day that it will begin trading on the Nasdaq. The initial public offering (IPO) is the most anticipated one in recent years, and investors have been eagerly looking for ways to gain exposure even before it begins trading. Musk already has one business worth $1.6 trillion in Tesla, and SpaceX could end up rivaling that, with its valuation likely to come in around $1.5 trillion or higher.

Should you buy SpaceX stock when it becomes available, or are you better off avoiding it? Here are three of the most important numbers from the company’s S-1 filing, which can help you make the right decision.

1. The company’s total addressable market is $28.5 trillion

SpaceX is all about growth, and the company claims that its total addressable market (TAM) is the largest ever, at $28.5 trillion. It estimates that its most promising opportunities are in artificial intelligence (AI), with that segment accounting for a $26.5 trillion opportunity, followed by connectivity at $1.6 trillion, and space at $370 billion.

2. Spending on research and development rose by 150% last year due to AI

SpaceX has been investing heavily in AI, and that’s evident with its research and development costs soaring by 150% last year. At $8.6 billion, they were the company’s largest expense in 2025 after cost of revenue ($9.5 billion). SpaceX says the key reason was an increase in spending in its AI segment, and that trend could continue given the growth opportunities it’s chasing in that area.

3. SpaceX’s accumulated deficit is $41.3 billion

Perhaps the most startling number on the company’s S-1 filing was its accumulated deficit of $41.3 billion as of the end of March. This is the running total of the company’s losses since it began operations. It highlights the risk that comes with investing in the business, as it is likely to have a long road to profitability.

During the first three months of 2026, the company’s net loss totaled $4.3 billion on revenue of $4.7 billion.

SpaceX stock could be a risky one to buy out of the gate

Although there’s considerable hype and excitement around SpaceX stock, a lofty valuation of $1.5 trillion and potentially higher would mean that early investors are likely to be paying a high premium for the stock right away, at a time when its financials aren’t all that strong.

The danger is that buying the growth stock at a high price right away could set investors up for losses down the road. While there’s a lot of excitement around SpaceX, I wouldn’t rush to buy it.