Author: Bao Yilong
Original title: World's LargestIPO Coming Soon? SpaceX Selects Goldman Sachs and Four Other Investment Banks as Underwriters
SpaceX, the rocket manufacturer owned by Elon Musk, is preparing for an IPO that could set a global record, selecting four Wall Street investment banks as lead underwriters.
According to the Financial Times, citing sources familiar with the matter, SpaceX executives have met with bankers from Bank of America , Goldman Sachs, JPMorgan Chase , and Morgan Stanley in recent weeks, with the company preparing for an IPO as early as this year.
The report, citing sources familiar with the matter, indicated that other banks may also be included in the IPO, but cautioned that no final decision has been made.
Since its founding more than two decades ago, SpaceX’s valuation has continued to climb, and the company has solidified its position as a leading developer of commercial rockets, while also owning the Starlink satellite internet service.
According to Wall Street Insights, SpaceX set its latest internal stock offering price at $421 per share last December, corresponding to a staggering $800 billion valuation for the company, potentially setting a record for the largest IPO in history.
The four major banks led the preparatory work
According to sources familiar with the matter, four investment banks—Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—have been appointed to leadership roles in SpaceX's IPO project. The sources added that other investment banks may also be offered positions, but no final decisions have been made. All four banks declined to comment, and SpaceX did not immediately respond to requests for comment.
According to Wall Street Insights, SpaceX's IPO is expected to raise well over $30 billion, potentially surpassing Saudi Aramco's $29 billion record set in 2019 to become the largest IPO in history.
Last September, SpaceX reached a $17 billion deal with struggling operator EchoStar to acquire wireless spectrum licenses to enhance the Starlink network, enabling Musk to expand the service in the United States.
This deal further solidifies SpaceX's leading position in the satellite internet field.
Tech giants flock to go public
SpaceX's IPO preparations come at a time when the US market may see several large technology company IPOs.
Artificial intelligence companies OpenAI and Anthropic are also preparing for potential IPOs. Analysts say these three deals alone could raise more than the total amount raised by all U.S. IPOs last year.
Other large private companies planning to go public this year include Databricks, a data analytics company valued at $134 billion, and Canva, a design platform valued at $42 billion. Fitness tracking app Strava is also expected to launch its IPO in the coming months.
Despite the optimistic outlook, market volatility could still disrupt these listing plans.
Trump's tariff policies led to a weaker-than-expected IPO market last year. Trump's April announcement of reciprocal tariffs dragged down the stock market, delayed several large tech company IPOs, and disappointed investment bankers who had anticipated a strong recovery in the IPO market after three years of stagnation.
However, the IPO market has recently regained momentum as companies push forward with their long-delayed listing plans, coupled with support from a rising stock market.
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