A SpaceX Falcon 9 rocket is ready for launch carrying NASA’s IMAP mission, which is able to examine the boundary of the solar’s heliosphere and different scientific payloads, on the Kennedy House Heart in Cape Canaveral, Florida, Sept. 23, 2025.
Joe Skipper | Reuters
SpaceX is working with a minimum of 21 banks on its blockbuster preliminary public providing, individuals aware of the matter stated on Tuesday, one of many largest underwriting syndicates assembled in recent times.
The itemizing, internally codenamed Challenge Apex, is predicted to be among the many most carefully watched inventory market debuts on Wall Road. The general public providing, anticipated in June, is estimated to worth the rocket firm managed by founder and CEO Elon Musk at $1.75 trillion.
Morgan Stanley, Goldman Sachs, JPMorgan Chase, Financial institution of America and Citigroup are serving as lively bookrunners, or the lead banks managing the deal, the individuals stated, asking to not be recognized as a result of the method will not be public. An extra 16 banks have signed on in smaller roles, they added.
About half of the banks’ names haven’t beforehand been reported.
The scale of the syndicate underscores the size and complexity of the deliberate providing.
Banks along with the lively bookrunners embrace:
The banks are anticipated to tackle roles in institutional, high-net-worth and retail investor channels in addition to in numerous geographic areas, Reuters beforehand reported.
The plan is topic to alter and extra banks may nonetheless be added, the sources stated.
Texas-based SpaceX didn’t instantly reply to a request for remark. Financial institution of America, Barclays, Deutsche Financial institution, Goldman Sachs, JPMorgan, Mizuho, Santander and Wells Fargo declined to remark. The opposite banks didn’t instantly reply to requests for remark.
Giant IPO syndicates have grow to be extra widespread for mega offers in recent times.
Chip designer ARM Holdings labored with near 30 banks on its 2023 itemizing, whereas Alibaba Group assembled a equally giant group of underwriters for its record-breaking 2014 debut.