/ AbstractSPHEREx, a NASA explorer satellite launched on 11 March 2025, is carrying out the first all-sky near-infrared spectral survey. The satellite observes in 102 spectral bands from 0.75 to 5.0 um with a resolving power ranging from 35 to 130 in 6.2 arcsecond pixels. The observatory obtains a 5-sigma depth of 19.5 - 19.9 AB mag for 0.75 to 3.8 um and 17.8 - 18.8 AB mag for 3.8 to 5.0 um after mapping the full sky four times over two years. Scientifically, SPHEREx will produce a large galaxy redshift survey over the full sky, intended to constrain the amplitude of inflationary non-Gaussianity. The observations will produce two deep spectral maps near the ecliptic poles that will use intensity mapping to probe the evolution of galaxies over cosmic history. By mapping the depth of infrared absorption features over the Galactic plane, SPHEREx will comprehensively survey the abundance and composition of water and other biogenic ice species in the interstellar medium. The initial data are rapidly released in the form of spectral images to the public. The project will release specialized data products over the life of the mission as the surveys proceed. The science team will also produce specialized spectral catalogs on planet-bearing and low-mass stars, solar system objects, and galaxy clusters 3 years after launch. We describe the design of the instrument and spacecraft, which flow from the core science requirements. Finally, we present an initial evaluation of the in-flight performance and key characteristics.