Key Highlights
- Goldman Sachs has secured the lead left underwriter position for SpaceX’s public offering, representing the highest-ranking role in the banking syndicate.
- Morgan Stanley will join as co-lead, while Bank of America, Citigroup, and JPMorgan appear on the initial prospectus filing.
- The IPO prospectus may be filed as soon as Wednesday, with SpaceX targeting a June 12 debut on the Nasdaq exchange.
- The aerospace company aims for approximately $1.75 trillion in valuation, positioning it as the largest initial public offering ever recorded.
- This marks another Musk collaboration with Goldman Sachs, which previously led Tesla’s 2010 public market debut alongside Morgan Stanley, JPMorgan, and Deutsche Bank.
Elon Musk’s aerospace venture is accelerating toward its public market debut. SpaceX may file its IPO prospectus as soon as Wednesday, setting the stage for a June 12 listing on the Nasdaq exchange.
According to individuals with knowledge of the transaction, Goldman Sachs (GS) will occupy the lead left underwriter slot—the most prestigious position in any IPO banking arrangement. Morgan Stanley will share top placement, with Bank of America, Citigroup, and JPMorgan appearing alphabetically on the preliminary filing. An additional sixteen financial institutions round out supporting positions.
Investor interest in Goldman’s stock has intensified as the SpaceX transaction approaches, with the financial institution positioned to earn substantial fees from what may become the largest public offering in market history.
The rocket and satellite manufacturer is pursuing a valuation near $1.75 trillion while seeking to raise approximately $75 billion in capital. These numbers would eclipse all previous IPO benchmarks. By comparison, Saudi Aramco’s 2019 offering generated roughly $29 billion, currently holding the all-time record.
Valuation Jumps from $1.25 Trillion to $1.75 Trillion
The $1.75 trillion valuation target represents an increase from the $1.25 trillion combined worth assigned to SpaceX and Musk’s artificial intelligence company xAI following their February merger. That strategic combination expanded SpaceX’s AI capabilities ahead of its market debut.
The company submitted confidential paperwork to the SEC last month before initiating the formal prospectus procedure. Goldman Sachs representatives declined commentary when approached by Reuters. Neither SpaceX nor Morgan Stanley provided responses to inquiries.
This represents Musk’s first public offering since Tesla (TSLA) debuted on the Nasdaq in 2010. Goldman Sachs served as lead underwriter for that transaction as well, with Morgan Stanley, JPMorgan, and Deutsche Bank participating in key capacities.
Competing Against OpenAI and Anthropic for Market Timing
SpaceX isn’t alone among prominent private enterprises pursuing public listings. OpenAI and Anthropic have each achieved valuations approaching $1 trillion from private investors, and both are evaluating potential IPOs within the current calendar year.
SpaceX’s schedule appears strategic. Reaching public markets ahead of these artificial intelligence-focused competitors would provide significant first-mover benefits among the current generation of mega-valuation private company listings.
The offering arrives as broader equity markets have stabilized following periods of turbulence connected to U.S. trade tariff implementations and international political tensions over recent years.
SpaceX has selected the Nasdaq for its trading venue, matching the exchange where Tesla currently operates.
Goldman Sachs and Morgan Stanley will have their names prominently featured at the top left of the prospectus cover page—a placement that conveys both industry recognition and the largest portion of underwriting compensation on a transaction of this magnitude.
