Investment banking heavyweight Goldman Sachs is set to claim the lead left underwriter position for SpaceX's planned initial public offering, according to a person familiar with the matter. The lead left role denotes the most senior placement among the syndicate of underwriters handling an IPO.
Goldman and Morgan Stanley are expected to serve as the lead bankers on the IPO prospectus, which could be filed as soon as Wednesday, the source said. Goldman declined to comment when contacted, while SpaceX and Morgan Stanley did not immediately respond to requests for comment.
The anticipated listing arrives amid a recovering IPO market after a period of weakness driven by tariff-related volatility and geopolitical uncertainty. SpaceX's proposed deal would be large enough to reshape market attention: the company is likely to seek roughly $75 billion in proceeds at an estimated valuation near $1.75 trillion, a level that would make it the largest market flotation on record if achieved.
That $1.75 trillion target would also mark a material increase from the combined valuation of $1.25 trillion assigned to SpaceX and Elon Musk's artificial intelligence venture xAI when the two businesses merged in February. SpaceX is aiming to list its shares as early as June 12 and has chosen Nasdaq as the trading venue for the planned debut.
Alongside Goldman Sachs and Morgan Stanley, Bank of America, Citigroup and JPMorgan are among the banks expected to play lead roles on the offering. In addition to those lead banks, 16 other institutions are slated to participate in smaller capacities across institutional, retail and international distribution channels.
The involvement of Morgan Stanley continues a long-standing advisory relationship: Morgan Stanley has advised Elon Musk for years and was part of the syndicate when Tesla went public in 2010, a deal that included Goldman Sachs as the lead left underwriter and several other banks.
The proposed SpaceX IPO would test renewed investor appetite for megadeals and could be a bellwether for large-cap listings if it proceeds on the timetable and terms described by the source. For now, formal confirmation of underwriting roles and the timing of any filing remain subject to official announcements from the company and the banks involved.
Sectors impacted: Financials - investment banks; Technology - aerospace and satellite services; Markets - equity capital markets.