Key Moments
- SpaceX has reportedly selected Goldman Sachs as the lead underwriter for its planned IPO, with several major U.S. banks lined up behind it.
- The offering is currently expected at a valuation of $1.25 trillion (€1.05tn) or more, with analysts pointing to Starlink as a key driver.
- SpaceX is said to be weighing an IPO structure that could allocate up to 30% of the shares to retail investors.
Goldman Sachs Positioned at the Center of SpaceX Listing
SpaceX has reportedly chosen Goldman Sachs to head its long-anticipated initial public offering, a move that signals accelerating preparations for the aerospace and artificial intelligence company’s debut in public equity markets this year, according to CNBC sources cited as familiar with the situation.
Goldman Sachs is said to have secured the coveted “lead left position” on the deal. In equity capital markets, the bank listed first on official IPO documentation typically plays the central role in structuring the transaction, coordinating the syndicate, leading investor outreach and roadshows, and working closely with the issuer to determine the final offer price.
According to the CNBC report, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase are expected to follow Goldman Sachs in the underwriting group. The sources requested anonymity, and no further official details regarding their specific roles were disclosed.
Neither SpaceX nor Goldman Sachs has publicly confirmed the arrangement. Key parameters of the offering, including the final size, precise valuation, and exact timing, have not yet been formally announced.
Potential Trillion-Plus Valuation and Market Impact
The IPO is currently anticipated at a valuation of $1.25 trillion (€1.05tn) or higher, based on the report. At that level, SpaceX would immediately rank among the world’s largest listed companies, positioning it above Tesla, another firm led by Elon Musk, in terms of equity market value.
Such a valuation would also have far-reaching implications for Musk’s personal wealth. The IPO is described as likely to make him the first recorded trillionaire in history, contingent on the final structure and pricing of the transaction.
| Metric | Value |
|---|---|
| Expected IPO valuation | $1.25 trillion (€1.05tn) or higher |
| Prior private valuation (SpaceX + xAI) | $1.25tn (€1.05tn) |
| xAI standalone valuation in February deal | $250bn (€210bn) |
Unusually Large Retail Allocation Under Consideration
The latest developments around the lead underwriting mandate come amid earlier indications that SpaceX and Musk are exploring a more retail-friendly IPO structure. According to prior reports referenced in the article, the company is examining plans to reserve as much as 30% of the offering for individual investors.
Allocating up to 30% of shares to retail participants would represent an atypical approach for a transaction of this magnitude. Such a framework would potentially broaden access for smaller investors, rather than concentrating the bulk of primary issuance among institutional asset managers and hedge funds.
Starlink and xAI Help Shape SpaceX’s Valuation
Analyst attention around the prospective IPO has increasingly centered on Starlink, SpaceX’s satellite-based connectivity business. The unit is highlighted as a key contributor to the company’s valuation due to its recurring revenue characteristics and a global subscriber base that continues to expand.
In February, SpaceX completed an all-stock acquisition of xAI, another Musk-led firm. That transaction valued SpaceX at $1tn (€842bn) and xAI at $250bn (€210bn). Combined, the deal created a privately held entity with a total value of $1.25tn (€1.05tn), integrating artificial intelligence exposure into the broader SpaceX platform ahead of the public listing.
Broader IPO Market Context and Banking Competition
A successful SpaceX flotation would represent a major milestone for global equity markets, which have been experiencing a slower cadence of new listings in recent years amid heightened interest rates and unsettled valuations in the technology sector.
The article notes that AI chipmaker Cerebras Systems began trading on Nasdaq last week and closed with a market value of roughly $95 billion (€81.75bn). That debut has added momentum to expectations that more large-scale, AI-related IPOs could come to market this year.
For Goldman Sachs, leading the SpaceX IPO would further cement its role in marquee technology transactions at a time of intense rivalry among top-tier investment banks for flagship mandates. Securing the “lead left” slot on a potential trillion-plus-dollar offering places the firm at the forefront of what could become one of the most significant equity deals in Wall Street history.
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