Elon Musk’s Space X in talks with Wall Street banks over mega IPO
Elon Musk’s aerospace firm Space X is holding early-stage discussions with a flurry of leading Wall Street banks about a potential listing that could rank among the largest market debuts ever.
According to the Financial Times, the company is considering Morgan Stanley, Goldman Sachs, JP Morgan Chase and Bank of America for senior roles on a possible IPO.
As of yet, no financial decisions have been made, and Space X may well bring in additional advisers.
The firm, led by Elon Musk, has not publicly confirmed plans for an IPO, while the banks involved declined to comment.
People familiar with the matter reportedly cautioned that any listing would remain subject to market conditions and could still change.
Nonetheless, preparations mark the clearest sign yet that Space X listing is moving from speculation to planning.
It was reported last month that the company had begun interviewing banks, with Morgan Stanley viewed as a leading contender due to its long-standing with Musk.
Space X valuation
Space X is already among the world’s most valuable private firms.
Recent secondary share sales have reportedly valued the business as high as $800bn (£591bn), while earlier private transactions in late 2024 put its valuation closer to $180bn.
Reuters has previously reported that the company could seek to raise over $25bn in an IPO, which would make it one of the largest listings in history.
Investor interest has been driven largely by the rapid growth of Starlink, Space X’s satellite broadband division, which now accounts for an estimated 70 per cent of group revenues.
Starlink operates thousands of satellites in low Earth orbit and serves millions of customers globally, providing a recurring revenue stream more familiar to public market investors.
Alongside Starlink, Space X continued to expand its launch operations, with Falcon 9 missions dominating US orbital launches.
The firm is also pressing ahead with Starship, its fully reusable heavy-lift rocket designed for lunar missions and large satellite development.
Timing remains uncertain
While still in development, recent test flights showed progress, and regulators have approved a higher annual launch cadence from Space X’s Texas facilities.
Musk has previously expressed scepticism about public markets, saying that short term investor pressures can clash with long term tech goals.
And, tension will surface if Space X proceeds with this listing, given the capital-intensive nature of its projects, and the sheer scale of investment still needed.
Markets are bracing for a wave of big US flotations this year, with AI giants like OpenAI and Anthropic also laying the groundwork for potential IPOs.