SpaceX has bucked typical IPO procedures by setting its offering price at $135 per share, bypassing the usual price range process. The move would raise at least $74.4 billion in net proceeds, potentially reaching $85.7 billion with underwriter options. This valuation would give the company a market capitalization of $1.77 trillion, placing it among the top 10 U.S. publicly traded companies.

The company is increasingly staking its future on its artificial intelligence division, despite being considered far behind competitors like Anthropic and OpenAI. SpaceX's prospectus highlights a $28.5 trillion potential addressable market, with most of it in AI. However, Morningstar recently valued SpaceX at just $780 billion, citing concerns about the high costs and risks of the AI business.

The IPO will likely attract significant investor attention and dollars, potentially depressing Bitcoin prices and raising stakes for other AI companies preparing to go public. Some hedge funds are positioning to bet against SpaceX's stock, indicating market skepticism about the valuation and execution risks in Musk's ambitious space data center plans.