The main result of this paper is a new classification theorem for links (smooth embeddings in codimension 2). The classifying space is the rack space (defined in [Trunks and classifying spaces, Applied Categorical Structures, 3 (1995) 321–356]) and the classifying bundle is the first James bundle (defined in “James bundles” math.AT/0301354). We investigate the algebraic topology of this classifying space and report on calculations given elsewhere. Apart from defining many new knot and link invariants (including generalised James–Hopf invariants), the classification theorem has some unexpected applications. We give a combinatorial interpretation for \pi_2 of a complex which can be used for calculations and some new interpretations of the higher homotopy groups of the 3–sphere. We also give a cobordism classification of virtual links.

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