SpaceX raises $75B in largest IPO ever, Japan gets $2.2B



TL;DR

SpaceX raised $75 billion in the largest IPO in history, pricing 555.6 million shares at $135 each for a $1.77 trillion valuation. Japanese retail investors bought $2.2 billion of the offering through Mizuho, Rakuten, and SBI.

SpaceX begins trading on Nasdaq today under the ticker SPCX after raising $75 billion in the largest initial public offering ever completed. The previous record holder, Saudi Aramco’s 2019 listing, raised $29.4 billion, making SpaceX’s offering roughly 2.5 times larger.

A regulatory filing on Friday confirmed that Japanese investors accounted for $2.2 billion of the total, purchasing 16.3 million Class A shares, or about 3% of the offering. Japan was one of a handful of countries outside the United States, alongside Australia, Canada, and parts of Europe, where retail buyers had direct access to the shares.

How the Japan tranche worked

Mizuho Financial Group’s US investment banking unit is one of 23 underwriters on the deal. It ran the Japanese allocation through its local brokerage and two online platforms, Rakuten Securities and SBI Securities.

SpaceX initially targeted $2 billion from Japanese investors but raised the ceiling to $2.5 billion after demand surged. The final $2.2 billion makes it the largest first-time share sale in Japan since JX Advanced Metals’ IPO last year.

The global picture

Total investor demand reached approximately $250 billion, making the offering nearly four times oversubscribed. BlackRock alone reportedly placed a $5 billion order. Goldman Sachs led the 23-bank underwriting syndicate, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase among the book-running managers.

At the $135 per share price, SpaceX’s fully diluted valuation sits at approximately $1.77 trillion, making it the seventh-largest listed company in the United States, above Tesla’s market capitalisation of roughly $1.6 trillion. If underwriters exercise the full over-allotment option, total proceeds could reach $86.25 billion.

What SpaceX actually is now

SpaceX is no longer just a rocket company. After absorbing Elon Musk’s AI venture xAI in an all-stock transaction in February 2026, it became a conglomerate spanning reusable rockets, satellite internet, and artificial intelligence infrastructure.

Its S-1 filing disclosed $18 billion in consolidated revenue for 2025, alongside a net loss of $4.9 billion. Starlink, the satellite internet division, generated $11.4 billion in revenue and $4.4 billion in operating profit, accounting for 61% of total sales and all of the company’s profitability. The xAI segment recorded a $6.35 billion operating loss.

Musk’s grip on voting power

Musk holds approximately 42% of SpaceX’s equity but controls roughly 82% of its votes through a dual-class share structure in which his Class B shares carry disproportionate voting rights. That gives him unilateral authority to elect or remove a majority of the board.

The S-1 prospectus lists 849.5 million Class A shares and 5.57 billion Class B shares, a structure that ensures public shareholders have minimal governance influence regardless of their economic stake.

Who gets rich

The IPO is expected to mint roughly 4,000 millionaires among SpaceX’s workforce, including engineers, cooks, and administrative staff who received equity as part of their compensation. SpaceX set aside up to 5% of shares for employees and their associates.

Founded in 2002, SpaceX spent two decades as a private company, funding its operations through government contracts, private equity rounds, and Starlink revenue. The IPO marks the first time ordinary investors can buy shares directly.

The flags

SpaceX is unprofitable on a GAAP basis, with the xAI segment responsible for the $4.9 billion net loss. Whether Starlink’s profits can scale fast enough to offset xAI’s capital consumption is unresolved.

Musk’s 82% voting control means public shareholders are effectively along for the ride on all strategic decisions, including future acquisitions and capital allocation. The $1.77 trillion valuation implies growth rates no company has ever sustained at this scale, as Fortune has noted, and the xAI integration adds execution risk that did not exist when SpaceX was purely a launch and satellite business.



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TL;DR

Meta stripped NameTag facial recognition code from its AI app one day after WIRED exposed it on 50 million phones. Meta says no decision has been made.

Meta removed nearly all traces of an unreleased facial recognition system from its smart glasses companion app on Friday, one day after WIRED reported that the software had been quietly embedded in an app installed on more than 50 million phones. The feature, which Meta internally called NameTag, was designed to convert faces captured by the company’s Ray-Ban smart glasses into unique biometric signatures and compare them against a database stored on the user’s device. WIRED also found that faces the system failed to recognise were cropped, indexed, and stored locally for future processing.

Andy Stone, Meta’s vice president of communications, told WIRED on Monday that the feature is “purely exploratory,” adding that no final decision has been made on what to do with it. That characterisation sits uneasily with the evidence WIRED documented. The version of Meta AI published the day of WIRED’s Thursday report contained several code libraries explicitly named for face recognition, a process for running the NameTag recognition pipeline, and a “Person recognised” alert the app would have shown if someone were identified.

Friday’s release stripped all of it out, along with a folder where the app would have stored the cropped images and biometric signatures of unrecognised faces. Meta did not answer WIRED’s questions about why the code was removed or whether the changes were planned before the story was published. A few fragments remain in the latest version, including an internal debug menu label and a dormant link meant to open a recognised person’s profile, pointing to parts of the system that are no longer there.

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The gap between Meta’s public statements and the code WIRED found is the central tension. Before the Thursday report, Stone dismissed the findings by writing that the company could not answer questions about how the system would work because “the feature does not exist.” Andrew Bosworth, Meta’s chief technology officer, called the reporting “incredibly misleading” and “absolutely dishonest.” Yet the code was functional enough to include three AI models, one to detect faces, another to crop them, and a third to encode them as biometric data, all embedded in the companion app for a product already at the centre of a mounting privacy crisis.

Meta declined to answer ten questions WIRED posed before publishing, including whether it had already created the database of face profiles NameTag uses, how long the app retains photographs and biometric data of unrecognised people, and whether that data would ever be sent back to Meta’s servers. The company also did not respond to questions about whether it was building NameTag for blind or low-vision users, or to criticism from privacy advocates who warned the system could let stalkers and abusers identify strangers in public.

NameTag first surfaced in February, when The New York Times, citing internal Meta documents, reported that the company was developing face recognition for its smart glasses and considering a launch as early as this year. One internal memo reportedly described releasing the feature during a “dynamic political environment” when privacy and civil liberties advocates would be distracted by other concerns. WIRED subsequently found that much of NameTag’s machinery had been built into the Meta AI app as early as January, months before any public acknowledgement, adding another layer to the company’s pattern of shipping first and disclosing later when it comes to its smart glasses.

Kade Crockford, director of the technology for liberty programme at the American Civil Liberties Union of Massachusetts, said the removal does not undo the original decision to ship the code and pointed to it as evidence that consumer privacy needs stronger legal protection than Congress has been willing to provide. The Massachusetts House of Representatives last week unanimously passed a consumer privacy bill that, if enacted as written, would impose strong enforcement provisions including a private right of action allowing aggrieved users to sue. “State lawmakers need to do their job and step up to protect consumer privacy,” Crockford said.

Meta’s sneaky tactics in slipping the face-recognition code into its smart glasses show exactly why data privacy bills need the teeth of strong enforcement,” Crockford added. “Companies like Meta prioritise their bottom line, so lawmakers need to speak in the only language its C-suite understands.” Whether a code removal prompted by investigative reporting constitutes a victory or merely a tactical retreat depends on what Meta does next, and on whether the regulatory pressure building on both sides of the Atlantic produces enforceable consequences before the feature quietly returns under a different name.



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