SpaceX launches the preparation for the largest IPO in history. Can the four major investment banks handle the $800 billion valuation?

Author: Bao Yilong

Original Title: Is the World’s Largest IPO Coming? SpaceX Selects Goldman Sachs and Three Other Major Banks for Underwriting

Elon Musk’s rocket manufacturer SpaceX is preparing for a potential IPO that could set a global record, having selected four Wall Street investment banks as lead underwriters.

According to the Financial Times of the UK, citing sources familiar with the matter, SpaceX executives have recently held meetings with bankers from Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley. The company is preparing to go public as early as this year.

Sources mentioned that other banks might also have a role in this listing, but they are cautious and have not made final decisions.

Since its founding over twenty years ago, SpaceX’s valuation has continued to rise, solidifying its position as a leading developer of commercial rockets, while also offering Starlink satellite internet services.

Wallstreet.cn reported that in December last year, SpaceX set its latest internal stock offering price at $421 per share, valuing the company at an astonishing $800 billion, potentially setting the largest IPO record in history.

The Four Major Banks Lead the Preparation Work

Sources revealed that Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley have taken leading roles in SpaceX’s IPO project. They added that other investment banks might also participate, but no final decisions have been made. All four banks declined to comment, and SpaceX did not respond immediately to requests for comment.

Wallstreet.cn noted that SpaceX’s planned fundraising for the IPO could far exceed $30 billion, likely surpassing the $29 billion record set by Saudi Aramco in 2019, making it the largest IPO in history.

In September last year, SpaceX reached a $17 billion deal with the struggling operator EchoStar to acquire wireless spectrum licenses to enhance the Starlink network, enabling Musk to expand the service in the United States.

This deal further strengthened SpaceX’s dominance in the satellite internet sector.

Tech Giants Prepare for Listing

SpaceX’s IPO preparations come at a time when the US market may see several large tech companies going public.

AI companies OpenAI and Anthropic are also preparing for potential IPOs. Analysts say that these three deals alone could raise more than the total amount of US IPOs last year.

Other large private companies planning to go public this year include data analytics firm Databricks, valued at $134 billion, and design platform Canva, valued at $42 billion. Sports tracking app Strava is also expected to launch its IPO in the coming months.

Despite optimistic prospects, market volatility could still disrupt these plans.

Last year’s IPO market underperformed due to Trump’s tariff policies. Trump’s April announcement of reciprocal tariffs weighed on the stock market, delaying several large tech IPOs, disappointing investment bankers who had expected a strong recovery after three years of downturn.

However, with companies pushing forward with long-delayed IPO plans and the stock market rally providing support, the IPO market has recently regained momentum.