$75 billion fundraising, $1.75 trillion valuation—the biggest IPO in human history is coming. Is it the stars and the sea, or a hundredfold bubble? SpaceX is no longer just a rocket company: - **Connectivity (Starlink):** $114 billion in revenue, $4.4 billion in profit, the cash cow - **Space:** Rocket launches + Starship burning cash - **AI:** xAI + Grok + X (Twitter) + Colossus supercomputer, $6.4 billion annual loss Three key deals: Acquired xAI, secured Cursor, leased supercomputing power to Anthropic $30 trillion TAM? The enterprise AI market is the big slice ($23 trillion) Who’s making money? Starlink. Who’s burning money? Starship ($3 billion) + xAI ($6.4 billion) How does the $1.75 trillion valuation break down? Starlink $600 billion + AI $250 billion + Space $500 billion + options premium $500 billion Can the market handle it? $75 billion fundraising ≈ 8–15% of the average daily trading volume on the U.S. stock market, with a “staggered lock-up” to prevent a sell-off cliff.