Goldman Sachs (GS) Stock Lands the Deal of the Decade with SpaceX IPO

TLDR

• Goldman Sachs is set to be named lead left underwriter on the SpaceX IPO, the most senior role among all banks on the deal.
• Morgan Stanley will also serve as a lead bank, with Bank of America, Citigroup, and JPMorgan listed on the preliminary prospectus.
• SpaceX could release its IPO prospectus as early as Wednesday, with a Nasdaq listing targeting June 12.
• The company is seeking a valuation of roughly $1.75 trillion, which would make it the largest IPO in history.
• Goldman Sachs also led Tesla’s 2010 Nasdaq IPO alongside Morgan Stanley, JPMorgan, and Deutsche Bank.

SpaceX is moving fast. The rocket and satellite company founded by Elon Musk is expected to release its IPO prospectus as early as Wednesday, with a Nasdaq listing targeting June 12.

Goldman Sachs (GS) is set to take the lead left position, the most senior role on any IPO underwriting syndicate, according to sources familiar with the matter. Morgan Stanley will share the top billing, while Bank of America, Citigroup, and JPMorgan are listed in alphabetical order on the preliminary prospectus. Sixteen additional banks fill out smaller roles.

Goldman’s stock has attracted attention as the SpaceX deal inches closer, with the bank poised to collect significant fees from what could be the biggest public market debut ever.

SpaceX is targeting a valuation of roughly $1.75 trillion and looking to raise around $75 billion. Both figures would shatter previous IPO records. For context, Saudi Aramco raised about $29 billion in its 2019 offering, which has long held the record.

From $1.25 Trillion to $1.75 Trillion

The $1.75 trillion target is a step up from the $1.25 trillion combined valuation placed on SpaceX and Musk’s AI startup xAI when the two companies merged in February. The merger gave SpaceX a broader AI angle heading into its public market debut.

The company quietly filed with the SEC last month before the prospectus process began in earnest. Goldman declined to comment when contacted by Reuters. SpaceX and Morgan Stanley did not respond.

This will be Musk’s first IPO since Tesla (TSLA) went public on the Nasdaq in 2010. Goldman Sachs led that offering as well, with Morgan Stanley, JPMorgan, and Deutsche Bank in supporting roles.

Racing to Beat OpenAI and Anthropic

SpaceX is not the only high-profile private company eyeing the public markets. OpenAI and Anthropic are each valued at close to $1 trillion by private investors and are both considering IPOs as soon as this year.

SpaceX’s timing appears deliberate. Getting to market before either of those AI-focused names would give it a clear first-mover advantage among the current wave of mega-cap private listings.

The IPO comes as the broader market has begun recovering from volatility tied to U.S. tariff policy and geopolitical uncertainty over the past couple of years.

SpaceX has picked the Nasdaq as its listing venue, the same exchange where Tesla trades.

Goldman Sachs and Morgan Stanley will be the two banks whose names appear at the top left of the prospectus cover — a position that carries both prestige and the lion’s share of underwriting fees on a deal of this size.

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