SpaceX IPO – SpaceX says it plans to go public this summer in a newly released S-1 filing, setting Wall Street on edge as banks line up to lead a deal that could reach extraordinary scale. The filing shows SpaceX posted a $4.9 billion loss in 2025 on $18.7 billion of reven
For the third time in a row, the IPO calendar is starting to feel like a blank page that could turn into something historic—fast. SpaceX’s newly released S-1 says the aerospace giant is planning to go public this summer, and the number traders and bankers keep circling is its possible price tag.
The company does not disclose a formal valuation target in the filing. Still, prior reports have valued SpaceX at up to $2 trillion, placing it among the most valuable companies in the world.
The financials inside the filing are a reminder that scale and profitability are not the same thing. SpaceX posted a $4.9 billion loss in 2025 on $18.7 billion of revenue.
For the investment banks attached to the mandate, the opportunity runs on two tracks: reputation and revenue. The core of the offering is led by five bookrunners—Goldman Sachs. Morgan Stanley. Bank of America. Citigroup. and JPMorgan Chase—with Goldman in the lead left position. Morgan Stanley is listed as the stabilization agent, tasked with supporting the stock price after the IPO.
In total, 23 firms are named as bookrunners, including Wells Fargo and UBS.
When the shares begin trading, SpaceX will do so under the ticker “SPCX.” The company is set to be listed on both Nasdaq and Nasdaq Texas, the state where SpaceX is headquartered.
At that magnitude, the fees become more than a line item. The size of the transaction is being viewed as potentially large enough to account for a significant share of the year’s total equity capital markets revenue at the nation’s biggest banks.
A finance professor who studies these deals says the valuation itself is the kind of benchmark that forces the whole market to recalibrate. Jay Ritter. a finance professor at the University of Florida and a leading expert on IPOs. described the valuation scale as “unprecedented. ” arguing it sets the stage for a public issuance of groundbreaking scale and scope.
Even if the math is treated conservatively, the upside for underwriters is clear. In the IPO market. fees for midsize deals have historically clustered around 7%. a figure Ritter documented in his past research that has stayed largely consistent over the years. For IPOs of this magnitude, those rates can be compressed as banks jockey for roles on the mandate. Still. even a hypothetical fee in a conservative range of 1.5% applied to a $75 billion offering would yield a $1.125 billion pool for the underwriters.
The timing of the filing is also landing after a long stretch in which IPO activity had been subdued. The window for massive primary issuances has swung wide open after years of quieter markets. During big banks’ first-quarter earnings calls in April. leaders from firms now tied to the SpaceX deal reported surges in activity.
Citigroup CEO Jane Fraser said the bank delivered an “exceptionally strong start” to the year, with its ECM fees jumping 64% year-over-year. For Fraser’s bank, a lead role in the largest IPO in history would represent a major coup as Citigroup pushes to outpace rivals this year.
Morgan Stanley CEO Ted Pick said his firm delivered a “record-breaking” quarter, with equity net revenues rising 25% on the back of robust IPO volume.
For one banker, the moment has a personal edge. Michael Grimes, a former Morgan Stanley dealmaker, returned to the firm in February after a brief stint at the US Commerce Department. He came back with the title of chair of investment banking, just a year after leaving Morgan Stanley.
Grimes has long been a fixture in the technology sector. He worked on the Tesla IPO in 2010 and later assisted with the acquisition of Twitter in 2022.
Ritter also warned that the visible work is only part of what happens before the S-1 becomes a roadshow. Behind closed doors, the heavy lifting is already likely underway. “They’re probably testing the waters. ” he said. referring to early discussions between banks and top institutional investor clients ahead of the IPO roadshow. which is set to take off like a rocket the moment the S-1 drops.
SpaceX IPO S-1 filing Goldman Sachs Morgan Stanley Bank of America Citigroup JPMorgan Chase stabilization agent Nasdaq Texas equity capital markets IPO fees Jay Ritter
So it’s going public this summer but they posted a massive loss? Make it make sense.
Ticker is SPCX?? I swear SpaceX already has a ticker in some other market or something. Either way Wall Street is salivating. Also those bookrunners like Goldman and JPM… yeah of course.
Wait did I read that right, $4.9 billion loss in 2025 on like $18.7 billion revenue? That sounds like still not profitable, so why would anyone buy it at all. Or maybe they’re counting “revenue” wrong because of contracts? I’m confused.
Nasdaq Texas is a thing?? I thought Texas was just… Texas. And Goldman is leading so that probably means the price will be stupid high even if they lose money. Feels like it’s just banks getting paid because Musk can’t stay private forever.