Elon Musk took SpaceX public on Nasdaq, marking the first AI‑heavy IPO after OpenAI and Anthropic. The filing values the rocket maker at $1.75 trillion, a figure that would make it one of the world’s most valuable firms. Investors now can buy a slice of Musk’s extraterrestrial ambitions alongside generative‑AI peers.

SpaceX’s 200,000‑word prospectus sketches lunar economies, asteroid mining and solar‑powered AI, but it also warns of massive capital outlays. Hardware spend is burning billions, pushing the company into loss and adding debt. While Musk faces a 12‑month lock‑up, other shareholders may dump stock quickly, creating volatility for a market already jittery about AI valuations.

Together, SpaceX, OpenAI and Anthropic could be worth over $3.5 trillion, a sum that will force regulators, index providers and boardrooms to confront unprecedented governance gaps. The dual‑class structure gives Musk near‑absolute voting control, echoing past IPO missteps at WeWork. Investors now own a fragment of a venture whose success hinges on a costly AI race, not space colonisation.

Analysts warn that retail enthusiasm could be tempered by the prospect of swift insider sell‑downs and ongoing cash burn. Yet the allure of a trillion‑dollar AI engine tied to a proven launch platform may outweigh the risks for many funds. The SpaceX IPO thus becomes a litmus test for how public markets price visionary yet financially strained tech conglomerates.