A360
Key Takeaways✦ Atlas AI
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Goldman Sachs leads SpaceX IPO.
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IPO expected to raise $75 billion.
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22 banks involved in the offering.
Atlas AI
Goldman Sachs has secured the lead underwriting position for SpaceX's anticipated initial public offering (IPO), expected to launch on June 12. This designation, known as "lead left," positions Goldman Sachs to receive the largest share of an estimated $1 billion in commissions and associated fees from the offering. Morgan Stanley was listed second among the 22 other banks involved, including major institutions like Bank of America and JPMorgan Chase.
The selection of Goldman Sachs follows an intense competition among Wall Street firms for the highly sought-after role. The lead underwriter is responsible for identifying investors and managing the initial trading of shares. This role also carries a significant halo effect, often leading to future advisory and lending opportunities with the newly public company and its employees.
SpaceX's IPO is projected to raise up to $75 billion, valuing the company at over $1.5 trillion. The offering is part of a broader trend of major tech companies preparing for public listings, with OpenAI and Anthropic also expected to pursue IPOs this year. Banks involved in the SpaceX offering will divide responsibilities, such as Bank of America leading outreach to individual investors and the Royal Bank of Canada focusing on government investment funds.
