SpaceX Taps Goldman Sachs to Lead What Could Be the Biggest IPO in History

CNBC reported Tuesday that SpaceX has selected Goldman Sachs to lead its initial public offering. The move sets the stage for what could be the largest market debut in history.

Goldman Takes the Lead Left Spot on SpaceX IPO

Goldman Sachs will hold the coveted lead left position on the offering prospectus. Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase will fill the remaining bookrunner roles, CNBC said, citing people familiar with the matter who requested anonymity.

SpaceX CEO Elon Musk has valued his rocket company at $1.25 trillion. That figure emerged after he merged SpaceX with xAI, his artificial intelligence startup, in February. No U.S. tech company has come close to that valuation at the point of listing.

Prospectus Could Go Public as Soon as Wednesday

SpaceX confidentially filed its IPO paperwork with the Securities and Exchange Commission last month. The company now plans to make that prospectus publicly available as early as Wednesday, CNBC reported, signaling a fast-moving timeline toward an actual listing date.

The company did not immediately respond to a request for comment on the banking lineup.

A Milestone That Dwarfs Every Previous Tech Listing

To put the SpaceX IPO in context, only two technology companies have ever reached a $100 billion market cap on their first day of trading in the United States. Facebook debuted at roughly that level in 2012, while Alibaba’s 2014 New York listing became the previous record holder for the largest U.S. tech IPO.

AI chipmaker Cerebras listed on the Nasdaq just last week, closing near a $95 billion market cap. That debut has already been framed as a warm-up for a coming wave of AI-linked mega offerings.

SpaceX Racing Ahead of OpenAI and Anthropic

SpaceX appears intent on reaching public markets before rival AI giants. OpenAI and Anthropic are each valued near $1 trillion by private investors, and both companies have signaled they are eyeing a public listing before the end of this year.

By moving first, SpaceX could capture investor appetite before those high-profile names arrive. Whether that head start translates into a clean path to listing will depend heavily on broader market conditions and how regulators handle the prospectus review.

The IPO market has sharpened its focus on artificial intelligence plays, and SpaceX sits at the intersection of aerospace ambition and AI infrastructure through its xAI merger, giving it a distinct narrative at the roadshow stage.

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