A SpaceX Falcon 9 rocket is prepared for launch carrying NASA’s IMAP mission, which will study the boundary of the sun’s heliosphere and other scientific payloads, at the Kennedy Space Center in Cape Canaveral, Florida, Sept. 23, 2025.
Joe Skipper | Reuters
SpaceXis working with at least21bankson its blockbuster initial public offering, people familiar with the matter said on Tuesday, one of the largest underwriting syndicates assembled in recent years.
The listing, internallycodenamedProjectApex, is expected to be among the most closely watched stock market debuts on Wall Street. The public offering, expected in June, is estimated to value the rocket company controlled by founder and CEO Elon Musk at $1.75 trillion.
Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of Americaand Citigroupare serving as active bookrunners, or the leadbanksmanaging the deal, the people said, asking not to be identified because the process is not public. A further 16bankshave signed on in smaller roles, they added.
About half of thebanks’ names have not previously been reported.
The size of the syndicate underscores the scale and complexity of the planned offering.
Banksin addition to theactive bookrunnersinclude:
Thebanksare expected to take on roles in institutional, high-net-worth and retail investor channels as well as in different geographic regions, Reuters previouslyreported.
The plan is subject to change and additionalbankscould still be added, the sources said.
Texas-basedSpaceXdid not immediately respond to a request for comment. Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JPMorgan, Mizuho, Santander and Wells Fargo declined to comment. The otherbanksdid not immediately respond to requests for comment.
LargeIPOsyndicates have become more common formegadeals in recent years.
Chip designer ARM Holdingsworked with close to 30bankson its 2023 listing, while Alibaba Groupassembled a similarly large groupof underwriters for its record-breaking 2014 debut.
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