SpaceX Initiates Preparations for Largest IPO in History, Can Four Major Investment Banks Handle an $800 Billion Valuation?

比推Published on 2026-01-23Last updated on 2026-01-23

Abstract

SpaceX is preparing for what could become the world's largest IPO, having selected Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley as lead underwriters. The company, valued at $800 billion in its latest internal share sale, may raise over $30 billion, surpassing Saudi Aramco's 2019 record. The IPO could take place as early as this year, though final decisions are still pending. SpaceX has established itself as a leading commercial rocket developer and operator of the Starlink satellite internet service. Its recent acquisition of wireless spectrum licenses further strengthens its market position. The potential listing is part of a broader wave of major tech IPOs, including companies like OpenAI, Anthropic, Databricks, and Canva. While market volatility remains a risk, the IPO market has recently regained momentum amid rising stock prices.

Author: Bao Yilong

Original Title: Is the World's Largest IPO Coming? SpaceX Selects Goldman Sachs and Three Other Major Investment Banks as Underwriters

Elon Musk's rocket manufacturer SpaceX is preparing for what could be a record-breaking global IPO, selecting four Wall Street investment banks as lead underwriters.

According to the Financial Times, citing informed sources, SpaceX executives recently held meetings with bankers from Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, with the company planning to go public as early as this year.

The report cited sources indicating that other banks may also secure roles in the listing, but they cautiously noted that no final decision has been made yet.

Since its founding over two decades ago, SpaceX's valuation has continued to climb. The company has solidified its position as a leading developer of commercial rockets while also operating the Starlink satellite internet service.

As noted by Wall Street News, SpaceX set the price of its latest internal stock offering at $421 per share in December last year, valuing the company at an astonishing $800 billion. This could potentially set a record for the largest IPO in history.

Four Major Banks Lead Preparation Work

According to informed sources, Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley have secured leading roles in SpaceX's IPO project. Sources added that other investment banks may also obtain positions in the project, but no final decision has been made yet. All four banks declined to comment, and SpaceX did not immediately respond to requests for comment.

As noted by Wall Street News, SpaceX's IPO is expected to raise over $30 billion, likely surpassing the $29 billion record set by Saudi Aramco's IPO in 2019, making it the largest IPO in history.

In September last year, SpaceX reached a $17 billion deal with the struggling operator EchoStar to acquire wireless spectrum licenses to enhance the Starlink network, enabling Musk to expand the service in the United States.

This deal further solidifies SpaceX's dominant position in the satellite internet field.

Tech Giants Flock to Go Public

SpaceX's listing preparations come as the U.S. market may welcome several large tech company IPOs.

AI companies OpenAI and Anthropic are also preparing for potential listing plans. Analysts say that just these three deals could raise more than the total amount of U.S. IPOs for the entire last year.

Other large private companies planning to go public this year include data analytics firm Databricks, valued at $134 billion, and design platform Canva, valued at $42 billion. The fitness tracking app Strava is also expected to launch its IPO in the coming months.

Despite the optimistic outlook, market volatility could still disrupt these listing plans.

Trump's tariff policies led to last year's IPO market falling short of expectations. Trump's tariff announcement in April dragged down the stock market, delaying several major tech company IPOs, disappointing investment bankers who had expected the listing market to recover strongly after three years of downturn.

However, as companies advance long-delayed listing plans and rising stock markets provide support, the IPO market has recently regained momentum.

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