SpaceX, the commercial space company led by Elon Musk, has reportedly hired 21 banks to handle its initial public offering (IPO) that could take place as soon as June of this year.
SpaceX has assembled one of the largest underwriting syndicates ever as it prepares for what’s expected to be the biggest IPO ever, internally codenamed “Project Apex.”
The public share sale is expected to raise $75 billion U.S. for SpaceX at a $1.75 trillion U.S. valuation for the company.
Banks hired to take SpaceX public include Wall Street heavy hitters Morgan Stanley (MS), Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America (BAC), and Citigroup (C).
Another 16 banks have been assigned smaller roles on the IPO, according to media reports. Analysts say the number of banks hired highlights the scale and complexity of the IPO.
The banks hired by SpaceX are expected to take on roles in institutional, high-net-worth, and retail investor channels, as well as in different geographic regions around the world.
Big IPO syndicates have become common for large, high-profile IPOs in recent years. Microchip designer ARM Holdings (ARM) worked with 30 banks on its 2023 market debut.
An exact date for the SpaceX IPO hasn’t been set, but it is expected to occur this June.
