SpaceX Taps Goldman Sachs to Lead What Could Be the Largest IPO Ever

Elon Musk‘s rocket company SpaceX has selected Goldman Sachs to take the lead-left position on its forthcoming IPO prospectus, CNBC reported Tuesday, citing people familiar with the matter who requested anonymity.

Morgan Stanley will hold the second position in the underwriter lineup. Bank of America, Citigroup, and JPMorgan Chase round out the group of banks behind the offering.

Prospectus Expected Imminently

SpaceX filed its IPO paperwork with the Securities and Exchange Commission on a confidential basis last month. The company could release its public prospectus as early as Wednesday, per CNBC’s sources.

Musk pegged SpaceX’s valuation at $1.25 trillion earlier this year, following the company’s merger with his artificial intelligence venture xAI in February. If that figure holds through listing, the SpaceX IPO would eclipse any previous U.S. technology offering by a staggering margin.

Only Facebook and Alibaba have been valued above $100 billion at the close of their first trading day on American exchanges. AI chipmaker Cerebras listed on the Nasdaq just last week, finishing its debut with a market cap near $95 billion.

A History of Blockbuster Tech Listings

The composition of SpaceX’s underwriting syndicate closely mirrors the team that brought Tesla public in 2010. Goldman Sachs also led that offering, with Morgan Stanley and JPMorgan among the co-managers on that filing.

The SpaceX listing arrives as several trillion-dollar AI companies eye the public markets. OpenAI and Anthropic, each valued near $1 trillion by private investors, are both targeting IPOs before year-end. SpaceX appears determined to beat them to the opening bell.

Court Loss Clouds Musk’s Week

The prospectus disclosure is set to arrive just days after Musk absorbed a legal setback. An advisory jury in Oakland ruled Monday that Musk had waited too long to pursue his lawsuit against OpenAI and CEO Sam Altman, which alleged Altman broke promises to keep OpenAI operating as a nonprofit. District Court Judge Yvonne Gonzalez Rogers immediately adopted the jury’s finding.

Musk publicly dismissed the outcome as a procedural technicality and said he plans to appeal.

Despite the courtroom setback, the imminent SpaceX prospectus shifts attention squarely back to what analysts are already calling a potential watershed moment for the IPO market. The offering could redefine expectations for technology listings for years to come.

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