SpaceX IPO priced at $135 per share to raise $75 billion, with S-1 filing signaling appetite for acquisitions including potential deal targets in AI and developer tooling.

SpaceX is pricing its IPO at $135 per share and plans to offer 555.6 million shares, which would raise $75 billion — described as the largest IPO of any company in history. IPO proceeds are earmarked for chip procurement from Nvidia and for the build-out of SpaceX's own Terafab fabrication facility.

SpaceX has acquired xAI, the maker of the Grok generative model, and is in the process of potentially acquiring Cursor for developer tooling. The article argues this pattern reflects a strategy to build a vertically integrated stack spanning compute, model development, and software — with potential acquisition of Nokia, a dominant radio access networking vendor, as a logical next layer to add terrestrial communications infrastructure.

Nokia operates an AI-RAN platform (a service that enables real-time network optimization and on-device inference without routing queries through remote data centers). Nvidia invested $1 billion in Nokia in October, specifically aimed at co-developing AI-RAN solutions. Nokia's current market capitalization hovers around $90 billion.