SpaceX has brought together at least 21 financial institutions for its highly anticipated initial public offering, according to people familiar with the matter, forming one of the largest underwriting syndicates assembled for a stock market debut in recent years.
The listing, internally referred to as Project Apex, is expected to draw significant attention from investors when it hits Wall Street. The IPO, projected for June, could value the rocket company led by founder and CEO Elon Musk at approximately $1.75 trillion.
A group of five major banks—Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup—are serving as active bookrunners, meaning they hold the lead roles in managing the deal. An additional 16 banks have joined in smaller capacities, with roughly half of those names not previously reported.
The size of the syndicate reflects the complexity and sheer scale of the planned offering.
Beyond the lead bookrunners, the participating banks include:
- Allen & Co
- Barclays
- BTG Pactual
- Deutsche Bank
- ING Groep
- Macquarie
- Mizuho
- Needham & Co
- Raymond James
- Royal Bank of Canada
- Societe Generale
- Banco Santander
- Stifel
- UBS
- Wells Fargo
- William Blair
According to previous reports, the banks are expected to take on roles spanning institutional investors, high-net-worth clients, and retail channels, as well as cover different geographic regions. The sources noted that the plan remains subject to change and that additional banks could still be added before the offering finalizes.
SpaceX, headquartered in Texas, did not immediately respond to a request for comment. Several of the banks involved either declined to comment or did not respond to inquiries.
Large IPO syndicates have become increasingly common for major listings in recent years. Chip designer ARM Holdings worked with close to 30 banks for its 2023 debut, and Alibaba Group assembled a similarly large group of underwriters for its record-breaking IPO in 2014.
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