SpaceX is launching a record-breaking IPO at a $1.75 trillion valuation, driven by leadership in space, satellite, and AI infrastructure. The IPO will give SpaceX a market value in excess of $1.75 trillion, barely eclipsing Saudi Aramco's record ($1.7 trillion) as the most highly valued IPO of all time. The company's strategy involves leveraging their superior launch cadence, best-in-class reliability, and dramatically reduced cost-to-orbit in order to enable massive scale. SpaceX enjoys a significant moat when it comes to their space exploration business, which accounts for 45% of all commercial space contracts awarded and 82% of US space launches. Their satellite communications business, which owns 50% of all satellites in orbit and boasts up to 17 million subscribers, also has a formidable moat.