SpaceX, Elon Musk’s rocket maker and artificial intelligence company, set a price for its initial public offering on Wednesday of $135, which would value it at $1.77 trillion and crown it the largest I.P.O. ever.

埃隆·马斯克的火箭制造与人工智能公司——美国太空探索技术公司(SpaceX)周三将其首次公开募股的价格定为每股135美元，这意味着公司估值将达到1.77万亿美元，成为有史以来规模最大的IPO。

At that price, SpaceX would raise $74.4 billion from the offering, and its valuation would be more than 40 percent higher than the $1.25 trillion that it valued itself at in February. The current I.P.O. record is held by Saudi Aramco, Saudi Arabia’s state-owned oil company, which was valued at $1.7 trillion and raised more than $29 billion when it went public in 2019.

按此价格，SpaceX将通过此次发行筹集744亿美元，估值将比2月份该公司自己估值的1.25万亿美元高出40%以上。目前的IPO纪录由沙特阿拉伯国家石油公司沙特阿美保持，该公司在2019年上市时估值为1.7万亿美元，募资逾290亿美元。

Most companies that go public set a preliminary price range for their stock offering before settling on a final number in case investor demand for their shares changes. But Mr. Musk and SpaceX sidestepped that and simply declared one price for investors. SpaceX could still change that price but is not expected to do so. It is likely to begin trading on the Nasdaq next week under the ticker symbol SPCX.

多数公司上市前会先设定初步定价区间，以便视投资者认购意愿调整最终发行价。但马斯克与SpaceX跳过了这一步，直接向投资者公布了一个价格。SpaceX仍可调整此价格，但预计不会这样做。该公司可能于下周在纳斯达克挂牌交易，股票代码为SPCX。

At $74.4 billion raised, SpaceX’s I.P.O. would be just about “more than every U.S. I.P.O. combined in the last two years,” said Matthew Kennedy, a senior I.P.O. market strategist at Renaissance Capital.

文艺复兴资本的IPO市场策略师马修·肯尼迪表示，按募集资金744亿美元计算，SpaceX的IPO规模“几乎超过了过去两年美国所有IPO总和”。

A SpaceX spokesman did not respond to a request for comment.

SpaceX的发言人未回应置评请求。

SpaceX’s I.P.O. is a bellwether for other expected offerings that are set to be enormous, including from OpenAI and Anthropic, the artificial intelligence companies. Anthropic confidentially filed to go public on Monday, and OpenAI is expected to file in the coming weeks. Both start-ups have valuations approaching $1 trillion. The three offerings could unleash an avalanche of wealth across Silicon Valley and Wall Street, creating new corporate titans in the process.

SpaceX的IPO是一系列预期规模同样巨大的上市项目的风向标，其中包括人工智能公司OpenAI和Anthropic。Anthropic已于周一秘密提交了上市申请，OpenAI预计将在未来数周内提交。这两家初创公司的估值均接近1万亿美元。这三宗上市交易可能会在硅谷和华尔街开启财富的闸门，并在此过程中造就新的企业巨头。

Among the biggest winners would be Mr. Musk, 54, who is already the world’s richest man. At $135 a share, the roughly 50 percent stake in SpaceX that he controls would be worth just over $752 billion. (Mr. Musk cannot sell some of the SpaceX shares he controls until the company hits various operational milestones, according to the firm’s filings.)

其中最大的赢家将是54岁的马斯克，他目前已经是世界首富。按每股135美元计算，他控制的SpaceX约50%的股份价值将略超7520亿美元。（根据公司文件，在SpaceX达到若干运营目标之前，马斯克无法出售所持部分股份。）

A large increase in the company’s share price in its first days of trading could turn Mr. Musk into the world’s first trillionaire.

如果该公司股票在上市交易的头几天大幅上涨，马斯克可能会成为全球首位万亿美元富翁。

Mr. Musk, who founded SpaceX in 2002, has remade the space race with partly reusable rockets and transformed communication with the company’s satellite internet service, Starlink. In February, SpaceX bought his A.I. company, xAI, which owned his social media platform, X, creating a conglomerate of the tech billionaire’s various interests. Mr. Musk separately runs the electric carmaker Tesla, as well as other companies.

马斯克于2002年创立了SpaceX，凭借可部分重复使用的火箭重塑了太空竞赛格局，并通过公司的卫星互联网服务“星链”改变了通信方式。今年2月，SpaceX收购了他的人工智能公司xAI，后者同时持有他的社交媒体平台X，从而将这位科技亿万富翁的各种兴趣整合成了一个企业集团。马斯克还分别经营着电动汽车制造商特斯拉以及其他公司。

埃隆·马斯克于2002年创立了SpaceX。

He has used SpaceX as a kind of piggy bank over the last two decades, securing loans from the company to himself and relying on the firm to shore up several troubled businesses in his orbit. That was enabled partly because of Mr. Musk’s iron grip on SpaceX. He controls more than 85 percent of its shareholder votes because of a class of super-voting shares, according to the company’s filings.

过去二十年间，马斯克将SpaceX当作某种意义上的“小金库”——通过该公司向自己提供贷款，并依赖它帮助其商业版图中一些陷入困境的企业渡过难关。这在很大程度上得益于马斯克对SpaceX的铁腕掌控。根据公司文件，由于持有一类超级投票权股份，他控制了公司超过85%的股东投票权。

SpaceX, which has contracts with NASA and other federal agencies, had long been something of a financial mystery. Last month, the company revealed a full picture of its financial health for the first time in an I.P.O. prospectus. The company reported that it had lost more than $4.9 billion last year, compared with a $791 million profit in 2024 because of increased expenditures on A.I. Revenue was $18.7 billion last year, up 33 percent from the previous year.

SpaceX坐拥美国国家航空航天局及其他联邦机构的合同，其财务状况长期以来一直是个谜。上个月，该公司在IPO招股说明书中首次全面披露了财务状况。报告显示，公司去年亏损逾49亿美元，而2024年曾实现7.91亿美元盈利，亏损扩大源于人工智能支出大幅增加。去年营收为187亿美元，同比增长33%。

The company plans to use the money it raises from its I.P.O. to fund various moonshots, including Mr. Musk’s goals of putting A.I. data centers into orbit, building a lunar factory and eventually sending humans to Mars.

公司计划将IPO募集的资金用于多个雄心勃勃的项目，包括实现马斯克将人工智能数据中心送入轨道、建设月球工厂以及最终将人类送往火星的目标。

(The New York Times sued OpenAI and Microsoft in 2023, claiming copyright infringement of news content related to A.I. systems. The two companies have denied those claims.)

（《纽约时报》于2023年起诉OpenAI和微软，指控其人工智能系统侵犯了新闻内容版权。两家公司均否认上述指控。）

Nicolas Owens, an equity researcher with the investment research firm Morningstar, said that while SpaceX’s I.P.O. was enormous, he would not be surprised if “the records are broken more than once.” Companies like OpenAI and Anthropic have become larger than ever before going public.

投资研究公司晨星的股票研究员尼古拉斯·欧文斯表示，尽管SpaceX的IPO规模巨大，但如果“未来纪录被再次打破”，他也不会感到意外。像OpenAI和Anthropic这样的公司在上市前就已经成长到前所未有的规模。

“A trillion-dollar market capitalization for a company going public used to be unheard-of,” he said, using a term to describe a company’s valuation. “Now it seems normal.”

“一家公司上市时拥有万亿美元的市值过去是闻所未闻的，”他在描述公司估值时表示。“如今这似乎已成寻常。”