The Biggest IPO in History Quietly Starts Here
SpaceX filed confidentially for an initial public offering (IPO) that could value the company at $1.75 trillion, potentially the largest IPO in history, with this move internally codenamed "Project Apex" and involving 21 banks that could reshape the private space industry.
SpaceX acquired xAI, deepening the connection between Musk's ventures and accelerating xAI's compute buildout. This acquisition signals that Musk views space launch capacity and AI compute capacity as strategic duals—both critical to long-horizon power consolidation.
My Take: This isn't just about launching satellites for broadband. SpaceX going public at $1.75T would be a statement: that space infrastructure, AI compute buildout, and vertical integration are now inseparable. The xAI acquisition makes even more sense in this context—controlling both the chips and the launch infrastructure hedges against supply chain disruption and creates a defensible moat around AI-native capabilities. Watch whether this IPO actually files—the timing could signal confidence in demand for sovereign AI infrastructure.
