SpaceX Seeks Massive Valuation with $1.75 Trillion IPO Backed by 21 Investment Banks

SpaceX Prepares for Massive Initial Public Offering

SpaceX, the rocket company led by Elon Musk, is working with at least 21 banks to prepare for its planned initial public offering (IPO), according to a report from CNBC. The scale of the listing is expected to be one of the biggest in recent years, with the IPO, internally code-named "Project Apex," likely to take place in June.

The proposed listing could value SpaceX at around $1.75 trillion, making it a highly anticipated market debut on Wall Street. The IPO is expected to be among the most closely tracked market debuts of the year. Major global banks, including Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup, have been appointed as lead bookrunners, managing the core aspects of the deal.

In addition to the lead bookrunners, around 16 other banks have joined the syndicate in supporting roles, with roughly half of their names not previously disclosed. These banks, including Barclays, Deutsche Bank, UBS, Wells Fargo, Banco Santander, and Royal Bank of Canada, among others, are expected to handle different investor segments, including institutional, high-net-worth, and retail investors, as well as manage geographic distribution.

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The size of the underwriting syndicate highlights the complexity and scale of the proposed listing. Sources told CNBC that the final structure is still evolving, and more banks could be added before the offering is finalized.

The use of large syndicates has become increasingly common for mega IPOs. For example, Arm Holdings worked with nearly 30 banks for its 2023 listing, while Alibaba Group had assembled a similarly large group for its record-breaking 2014 debut.

Comparison of Recent Mega IPOs

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