Quick overview

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SpaceX is moving closer to what could become the largest IPO in history. The aerospace and artificial intelligence company founded by Elon Musk is reportedly preparing to file for its stock market debut this week, with a valuation expected to exceed $2 trillion.

Goldman Sachs will take the lead role in the offering, alongside Morgan Stanley as co-lead underwriter. According to sources familiar with the process, Bank of America, Citigroup, and JPMorgan Chase are also included in the underwriting syndicate, though with smaller roles.

The company could publicly submit its IPO filing as soon as Wednesday, according to earlier reports from Bloomberg News.

In public offerings, the placement of banks on the front page of the prospectus typically reflects a more active role in the deal and often a larger share of underwriting fees.

A Valuation Above $2 Trillion

SpaceX is reportedly aiming to raise as much as $75 billion through the IPO, which would easily surpass the record-breaking 2019 public offering of Saudi Aramco, which raised $29.4 billion.

Investor enthusiasm around SpaceX has been fueled by the rapid growth of its reusable rocket business, satellite operations, Starlink internet services, and expanding artificial intelligence initiatives.

Over the past several years, the company has established itself as one of the most strategically important players in the global aerospace and technology industries, securing multi-billion-dollar contracts with both private-sector clients and the U.S. government.

Wall Street Eyes Massive Fees

The scale of the offering is also expected to generate extraordinary fees for Wall Street banks.

Sources close to the deal said underwriting commissions could significantly exceed those typically associated with traditional IPOs due to the unprecedented size of the transaction.

Several international banks are also expected to play regional distribution roles:

• Barclays will oversee UK-related orders.
• Deutsche Bank and UBS will handle European distribution.
• Royal Bank of Canada will coordinate Canadian orders.
• Mizuho Financial Group will manage Asian demand.
• Macquarie Group will focus on Australia.

The transaction is expected to become one of the most closely watched events on Wall Street, not only because of its historic size but also because of its potential impact on investor appetite for artificial intelligence, defense, aerospace, and advanced technology companies.