This article revisits the valuation of SpaceX following the release of its prospectus, which provides deeper insights into the company's financials. Initially valued at approximately $1.2 trillion, the assessment was based on limited information, including estimated revenues of $15.5 billion and an EBITDA of $8 billion. The prospectus reveals that SpaceX has the largest total addressable market (TAM) in history, estimated at $28 trillion, with $26 trillion of that market attributed to artificial intelligence (AI). While the fundamental narrative of SpaceX as a high-growth company with significant competitive advantages remains intact, the prospectus offers new details that refine this story. The author, who teaches corporate finance and valuation at the Stern School of Business at New York University, emphasizes the value of financial transparency in understanding the dynamics of younger companies compared to more mature firms. The insights gained from the prospectus illustrate the importance of having access to comprehensive financial statements for accurate valuation.