The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Research · Q1

SpaceXAI → unnamed vendor(s)

$12.7B — SpaceX's Form S-1 filed May 20, 2026 states that capital expenditures of its AI segment (the segment later renamed Super Intelligence) were $12,727 million for the year ended December 31, 2025, in a capital-expenditure-by-segment table whose columns also give the three months ended March 31, 2026 and 2025. (paid to unnamed vendors/contractors — this source doesn't disclose who specifically got the money)

high confidence · as of 2025-01-01T00:00:00Z ·

$12.7B — SpaceX's Form S-1 filed May 20, 2026 states that capital expenditures of its AI segment (the segment later renamed Super Intelligence) were $12,727 million for the year ended December 31, 2025, in a capital-expenditure-by-segment table whose columns also give the three months ended March 31, 2026 and 2025. (paid to unnamed vendors/contractors — this source doesn't disclose who specifically got the money)

Sourced figures 1


the working

Basis

$12.7B — SpaceX's Form S-1 filed May 20, 2026 states that capital expenditures of its AI segment (the segment later renamed Super Intelligence) were $12,727 million for the year ended December 31, 2025, in a capital-expenditure-by-segment table whose columns also give the three months ended March 31, 2026 and 2025. (paid to unnamed vendors/contractors — this source doesn't disclose who specifically got the money)

A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Research · Q1.