SpaceX Taps Goldman Sachs to Lead What Could Be History’s Largest IPO

CNBC reported Tuesday that SpaceX has selected Goldman Sachs to anchor the underwriting syndicate for its highly anticipated public offering. The SpaceX IPO is shaping up to be the largest in U.S. market history.

The Underwriting Lineup

Goldman Sachs will occupy the coveted lead-left slot on the prospectus cover, according to sources cited by CNBC. Morgan Stanley follows immediately behind. Bank of America, Citigroup, and JPMorgan Chase round out the core banking group. Elon Musk’s rocket and spacecraft company could publish its prospectus publicly as soon as Wednesday. The company filed confidentially with the Securities and Exchange Commission last month.

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Why the Valuation Is Eye-Popping

SpaceX carries a self-reported valuation of $1.25 trillion. Elon Musk assigned that figure earlier this year when he merged the company with his artificial intelligence venture, xAI. For context, only Facebook and Alibaba have ever crossed $100 billion in market capitalization on their first day of U.S. trading. The SpaceX figure would dwarf both by an order of magnitude.

The listing also arrives alongside surging investor appetite for AI-adjacent names. Cerebras Systems debuted on the Nasdaq last week and closed near a $95 billion market cap, signaling robust demand for large technology flotations tied to the AI buildout.

Background: A Familiar Pairing

Goldman’s role here echoes history. When Musk last shepherded a company onto a U.S. exchange, Goldman led that transaction too. Tesla priced its Nasdaq debut in June 2010 with Goldman in the top position, Morgan Stanley second, and JPMorgan and Deutsche Bank behind them. The current SpaceX lineup mirrors that structure almost exactly, swapping Deutsche Bank for Citigroup and Bank of America.

Also Read: OpenAI Eyes Public Listing as Private Valuation Nears $1 Trillion

The Broader Race to Market

SpaceX’s timing carries competitive significance. OpenAI and Anthropic, each valued near $1 trillion by private investors, are eyeing their own listings. SpaceX appears intent on reaching public markets first. The prospectus will also arrive just days after a California advisory jury ruled against Musk in his lawsuit against OpenAI and CEO Sam Altman, finding his claims were filed too late. Musk disputed the outcome and pledged to appeal.

The convergence of a landmark offering, a fierce IPO market, and the AI investment wave makes the SpaceX debut one of the most watched Wall Street events in years.

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