Goldman Sachs has secured the lead left position for SpaceX’s planned initial public offering, positioning the firm at the forefront of what could become the largest IPO in history. Morgan Stanley will follow as a co-lead, with Bank of America, Citigroup, and JPMorgan Chase completing the top tier of the underwriting syndicate, according to people familiar with the matter.
SpaceX, the rocket and satellite company led by Elon Musk, could publicly file its IPO prospectus as early as Wednesday after submitting confidential documents to the U.S. Securities and Exchange Commission in April. The filing would offer the first detailed public look at SpaceX’s financials, including Starlink subscriber numbers, launch margins, debt, and research spending. The IPO is targeting a Nasdaq debut under the ticker symbol SPCX, with a proposed timeline that starts investor roadshows on June 4 and pricing on June 11, aiming for a listing as soon as June 12, 2026.
The company plans to raise between $70 billion and $75 billion at a valuation of $1.75 trillion to $2 trillion, up from the $1.25 trillion valuation linked to Musk’s February merger of SpaceX and his AI startup xAI. Up to 30% of the shares are expected to be offered to retail investors, triple the typical allocation for large IPOs. Total underwriting fees could exceed $1 billion given the size of the raise.
Goldman’s lead left role gives it control over pricing, order-book management, and the largest share of fees, settling a months-long contest with Morgan Stanley. The syndicate also includes at least 16 additional banks in smaller roles, such as Barclays, Deutsche Bank, UBS, and Wells Fargo, to manage global institutional and retail demand.
