SpaceX is working with at least 21 banks on its blockbuster initial public offering, codenamed Project Apex, according to people familiar with the matter, Reuters reports. The offering, expected in June, is estimated to value the Elon Musk-controlled aerospace giant at $1.75 trillion, making it one of the largest IPOs in history. Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup are serving as lead bookrunners, with 16 additional banks taking smaller roles. About half of the participating banks had not been previously reported.
The size and scope of the syndicate highlight the complexity and scale of the planned offering. In addition to the active bookrunners, the syndicate includes Allen & Co, Barclays, Brazil’s BTG Pactual, Deutsche Bank, ING Groep, Macquarie, Mizuho, Needham & Co, Raymond James, Royal Bank of Canada, Societe Generale, Banco Santander, Stifel, UBS, Wells Fargo, and William Blair. Banks are expected to manage institutional, high-net-worth, and retail investor channels across multiple geographic regions.
The composition of the syndicate reflects growing trends in mega IPOs, where large groups of banks collaborate to distribute risk and tap multiple investor bases. Reuters notes that previous massive offerings, such as ARM Holdings in 2023 and Alibaba Group in 2014, assembled similarly large underwriting syndicates. While the plan is subject to change and additional banks could still be added, the current lineup signals Wall Street’s confidence in SpaceX’s market potential.
SpaceX and several of the participating banks declined to comment on the IPO process, underscoring the tightly controlled nature of this high-profile financial event. Analysts predict that the offering will be closely scrutinized by investors and regulators alike, with the potential to reshape the landscape for future mega IPOs.
