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SpaceX has chosen Goldman Sachs for the lead-left position on its planned initial public offering, sources familiar with the matter said. Morgan Stanley will serve as co-lead banker, followed by Bank of America, Citigroup, and JPMorgan Chase. The company could publicly release its IPO prospectus as soon as Wednesday.
The offering is projected to be one of the largest in history, with a targeted valuation near $1.75 trillion and proceeds of up to $75 billion. This follows SpaceX’s merger with Elon Musk’s AI startup xAI in February, which was valued at $1.25 trillion. The NASDAQ listing is scheduled for June 12, with pricing potentially set for June 11 or shortly after.
Goldman Sachs will hold the lead-left position, the most senior underwriting slot on the IPO. This role gives the bank authority over share allocation, pricing, and global institutional outreach. Morgan Stanley joins as co-lead, repeating a partnership structure used on Tesla’s 2010 IPO, in which Goldman also served as lead-left underwriter.
A total of 20 banks are reportedly part of the syndicate. Sixteen banks manage distribution across retail, institutional, and international channels. Bank of America, Citigroup, and JPMorgan Chase appear on the preliminary prospectus in alphabetical order outside the lead-left and co-lead positions.
Goldman Sachs has previously led major Elon Musk deals. These include Tesla’s IPO in 2010, several follow-on Tesla stock offerings, SolarCity’s 2012 IPO, Tesla convertible and debt offerings, and loans provided directly to Musk. Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase have also participated in Musk’s public-market transactions.
Reports indicate the SpaceX IPO could reach a $1.75 trillion valuation, potentially surpassing all previous US public listings. Only a few technology companies, including Facebook and Alibaba, exceeded $100 billion in market value on their first trading day.
The offering is expected to draw attention from retail and institutional investors, reflecting Starlink growth and the company’s global brand profile.
Investors seeking pre-IPO exposure can access SpaceX shares through the ARK Venture Fund (ARKVX), which holds 13.76% of its portfolio in SpaceX. ARKVX also holds private technology assets such as OpenAI and Anthropic.
The fund is a closed-end interval fund with quarterly repurchase windows and annual fees of 2.9% after waivers. Other platforms offering limited pre-IPO access include SoFi Technologies and Titan, each with a minimum investment requirement.
The NASDAQ listing is planned for June 12. Goldman Sachs will lead the IPO, Morgan Stanley will serve as co-lead, and the remaining banks in the syndicate will handle distribution.
Furthermore, the IPO follows a recent legal development involving Elon Musk and OpenAI. A California advisory jury determined that Musk filed a lawsuit too late to proceed against OpenAI and its CEO, Sam Altman. The District Court adopted the verdict, and Musk announced plans to appeal.
The public release of SpaceX’s prospectus will provide final pricing, share allocation, and valuation. Until the filing appears, Goldman Sachs and Morgan Stanley’s leadership roles in the underwriting syndicate are established, while the broader syndicate structure remains in place.
Also Read: SpaceX Shareholders Back 5-for-1 Split as NASDAQ IPO Plans Near
