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.

• It would be valued at about $1.77 trillion at that price.

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.