Goldman Sachs lands lead role on SpaceX’s record $1.75 trillion IPO
SpaceX is preparing to launch what could become the largest stock market flotation in history, after Goldman Sachs secured the coveted lead left underwriting role on a proposed $75bn initial public offering.
The Elon Musk-led rocket, satellite and AI group is expected to publish its prospectus as early as Wednesday ahead of a planned Nasdaq listing.
The offering is targeting a valuation of about $1.75 trillion, a sharp increase from the $1.25 trillion valuation assigned earlier this year following SpaceX’s merger with Musk’s other venture, xAI.
At that level, the company would comfortably surpass Saudi Aramco’s $29.4bn listing in 2019 as the largest IPO ever completed.
Morgan Stanley is expected to serve alongside Goldman as co-lead underwriter, reviving a partnership that previously fronted Tesla’s Nasdaq debut in 2010.
Bank of America, Citigroup and JPMorgan are also listed on the preliminary prospectus, while roughly 20 banks are understood to be participating across institutional, retail and international distribution channels.
The lead left role gives Goldman primary responsibility over pricing and investor allocation, while also positioning the bank for a substantial share of underwriting fees expected to run into the hundreds of millions of dollars.
‘Incredibly rich’ valuation
Samuel Kerr, global head of equity capital markets at Mergermarket, said: “I think the IPO will get across the line even at $1.75 trillion but there is no doubt the valuation is incredibly rich”.
“SpaceX will be pricing at a price-to-sales multiple well in excess of any Mag 7 stock, in fact more than the whole group combined”.
He added that investors appeared willing to value SpaceX on future growth potential rather than current financial performance, reflecting optimism around Starlink and long-term AI infrastructure demand.
“SpaceX is being valued on future earnings and revenue rather than the here and now, so some investors might be willing to overlook that,” Kerr said.
“Regardless of what SpaceX shares do at IPO, or immediately afterwards, the big test for SpaceX is going to be on the future earnings.”
The transaction is expected to become a defining moment for US equity capital markets, which have been waiting for a marquee technology listing capable of reigniting broader IPO activity after a prolonged slowdown.
Bankers and investors will also closely watch aftermarket performance given the scale of retail demand expected around the SpaceX brand and Musk’s public profile.
The proposed flotation comes as several other highly valued private technology companies, including OpenAI and Anthropic, continue to explore potential public listings amid renewed investor enthusiasm for AI-related assets.
And a successful SpaceX debut could strengthen confidence across the wider IPO pipeline and encourage other late-stage tech groups to accelerate their own listing plans.