SpaceX's $75 billion IPO at $135 per share is well oversubscribed, with order books closing Monday, pricing expected Wednesday, and Nasdaq trading beginning Thursday. The offering would be the largest IPO in history, eclipsing Saudi Aramco's 2019 listing, and implies a fully diluted valuation of approximately $1.8 trillion. Key demand drivers include major contracts with Google (~$920M/month for Starlink and AI services) and Anthropic (~$1.25B/month for AI infrastructure), totaling roughly $26 billion in annualized recurring revenue. These deals stem from SpaceX's February merger with xAI, repositioning the company as an infrastructure utility. A notable 30% retail allocation has broadened investor participation, though some institutional investors have declined over governance concerns, citing Elon Musk's ~79% voting control despite owning ~42% of equity.
