The largest IPO in human history happens today. $1.75 trillion valuation. $75 billion raised. More than 2.5 times what Saudi Aramco did in 2019 — the previous record.

Most people see a space company going public. That's not what's happening.

This is a logistics business that operates in orbit. It launches more payload than every government on earth combined. It provides connectivity to regions that fixed-line infrastructure will never reach. It moves cargo for defense clients who cannot tolerate delays. The rockets are the product. The monopoly on access is the business.

When you control the cheapest, most reliable path to orbit, every satellite operator, every defense contract, every communications network becomes your customer.

The S-1 filing revealed something else the headlines missed — a Bitcoin treasury worth over a billion dollars. A quiet bet that hard assets and hard infrastructure belong on the same balance sheet.

Today, the entire market will obsess over the opening price. But the real lesson is older than any stock exchange. The biggest opportunities always look like risk in real time. They only look obvious in hindsight. That's what makes them big — most people waited.

Builders don't wait for hindsight. They move while the outcome is still uncertain.