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SpaceX plans to raise $75B in its IPO

SpaceX disclosed Wednesday that it plans to raise $75 billion in its initial public offering, which is expected to occur within a few weeks.

Why it matters: This would be the largest IPO ever, and it's not even close.

The current global record is $29.4 billion by Saudi oil giant Aramco in late 2019, while the U.S. exchange mark was set in 2014 by China's Alibaba with $25 billion.

Zoom in: SpaceX says that it plans to offer 555.6 million shares at $135 per share.

The big picture: SpaceX began as a space launch company and currently makes most of its money from the Starlink connectivity service.

Its big bet, however, is on artificial intelligence and orbital data centers.
Musk's company argues the AI sector offers $26.5 trillion in total addressable market (TAM) — a figure that's impossible to verify. For context, the entire U.S. gross domestic product is around $32 trillion.