SpaceX taps Wall Street banks for potential record IPO
Elon Musk’s SpaceX has enlisted four Wall Street banks for an initial public offering that could become the most expensive IPO in history.
Highlights
- Elon Musk’s SpaceX is moving toward an IPO that is likely to become the largest in history.
- Leading U.S. banks have already agreed to participate in the process.
- Key factors that could affect the offering’s valuation include whether the entire company is taken public or only selected business units are sold.
According to the Financial Times, citing sources familiar with the matter, SpaceX has brought in Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley to participate in an initial public offering planned for the second half of 2026.
FT reports that the list of banking partners may be expanded, although final decisions have not yet been made and plans remain subject to change.
Last month, Reuters reported that Morgan Stanley has emerged as a leading contender for a key role in the landmark SpaceX IPO, as the bank’s close ties with Musk may give it an edge in the selection process.
Scale matters
SpaceX is the world’s largest space company, controlling more than 60% of the global commercial satellite launch market. The company carries out around 170 missions per year, launching both customer satellites and its own Starlink communication satellites.
SpaceX’s revenue is projected to reach approximately $15.5 billion in 2025 and $22–24 billion in 2026, driven by Starlink and commercial launch services. Starlink remains the company’s primary revenue source, accounting for 60–70% of total income.
Given its scale and near-monopoly position in the launch market, SpaceX is reportedly aiming to raise $25–30 billion at a valuation of up to $1.5 trillion, compared with an estimated $800 billion valuation in previous private funding rounds.
However, several organizational and technical factors could significantly affect both valuation and IPO structure. These include the potential spin-off of Starlink into a separate company, as well as investor uncertainty surrounding the long-term commercial prospects of the Starship lunar-Mars program, which has yet to generate meaningful revenue.
As we wrote, Elon Musk adds $1 billion in Tesla stock to his holdings
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