SpaceX IPO Achieves Record $1.77 Trillion Valuation

This colossal IPO, aiming to sell $75 billion of shares, saw unprecedented demand from institutional investors, including sovereign-wealth funds and family offices, and individual retail investors. Despite the fervent interest, CEO Elon Musk adopted an unconventional "take-it-or-leave-it" share price and retains significant post-IPO control, drawing criticism from corporate-governance advocates.

The company remains broadly unprofitable, basing its staggering valuation primarily on the future prospects and aggressive growth of its nascent artificial intelligence unit, betting heavily on the convergence of space infrastructure and advanced AI. SpaceX's bankers are currently allocating shares before the planned listing on Friday, with Musk intending to allocate up to 30% directly to retail investors.