SpaceX Files S-1 for Record $75 B IPO at $1.75 T Valuation

Markets have seen gravity-defying listings before—AOL’s $70 B valuation in January 2000 or Saudi Aramco’s $29 B raise in 2019—but few have asked investors to underwrite a 100-gigawatt orbital computer grid. The filing extends two multi-decade trends: the migration toward dual-class, founder-dominated governance popularized by Google in 2004, and Wall Street’s cyclical appetite for moon-shot technologies dating back to the 1720 South Sea Bubble. If SpaceX converts reusable launch, global broadband and space-based AI into durable profits, the IPO could mark the dawn of an integrated extraterrestrial infrastructure giant that reshapes telecoms and geopolitics for a century; if those assumptions miss, historians may cite this float as the speculative crest of the mid-2020s AI-space mania.