Scholars have long debated how best to understand Nietzsche’s “great politics.” But they have hitherto neglected Nietzsche’s own suggestion that Thus Spoke Zarathustra (Z) provides a “formula” for it. This article thus provides a fresh interpretation of “great politics” based on a reading of Z. It argues that “great politics” is concerned above all with the question of how to overcome humankind in its present form. Such overcoming does not have a specific goal. Rather, Z suggests that a continuous overcoming of the present is required in order to remain attuned to the nature of life itself and allow for human flourishing. In the “new peoples” Nietzsche anticipates, politics would take on a form that radically revalues many foundational assumptions of political philosophy. In offering a new understanding of “great politics,” this article therefore also suggests an answer to the question whether and in what sense Nietzsche is a political philosopher.