SpaceX picks – SpaceX has selected Goldman Sachs to hold the lead left position on its IPO prospectus, placing Morgan Stanley next and then Bank of America, Citigroup and JPMorgan Chase, ahead of a likely record-breaking offering.
By the time SpaceX turns its IPO paperwork public, the choice of who stands first on the prospectus may already feel like a verdict on how big this deal is going to be.
People familiar with the matter say SpaceX has picked Goldman Sachs for the lead left position on its IPO prospectus. The same group says Morgan Stanley would follow, then Bank of America, Citigroup and JPMorgan Chase.
SpaceX is getting set to publicly disclose its IPO prospectus after it confidentially filed with the Securities and Exchange Commission last month. Elon Musk’s reusable rocket company could make the prospectus public as soon as Wednesday.
The timing is hard to miss. The company’s latest reported valuation was $1.25 trillion. tied to Musk’s decision to merge SpaceX with xAI. his artificial intelligence startup. in February. If SpaceX follows through with what market watchers expect. the deal could end up competing for a spot among the biggest listings in U.S. history.
Tech’s yardsticks are already being set. Only two tech companies—Facebook and Alibaba—have been valued at even $100 billion after their first day of trading on U.S. exchanges. AI chipmaker Cerebras debuted on the Nasdaq last week and closed with a market cap of about $95 billion. a performance that has traders watching for another wave of mega listings tied to the AI trade.
For SpaceX, the push toward the public market is also framed by who is still private. SpaceX is looking to get to the public markets ahead of OpenAI and Anthropic—each valued at close to $1 trillion by private investors—both of which are eyeing going public as soon as this year.
There is another reason the IPO prospectus is pulling attention beyond deal size: Musk’s legal fight with OpenAI.
The highly anticipated prospectus is set to land just days after Musk suffered a stinging defeat in court to OpenAI and Sam Altman. its CEO. Musk sued Altman in 2024. arguing he broke a promise to keep OpenAI a nonprofit—a promise Musk says he helped shape when he supported the company’s founding nine years earlier.
On Monday, an advisory jury in Oakland, California, said Musk waited too long to sue OpenAI and Altman over the claims. District Court Judge Yvonne Gonzalez Rogers adopted the verdict immediately. Musk called the decision a “calendar technicality” and vowed to appeal.
The sequence around SpaceX is now tightening: Goldman will take the lead left spot on the prospectus, the company’s disclosure could come as soon as Wednesday after last month’s confidential SEC filing, and the IPO countdown sits only days away from a courtroom ruling that Musk said he will contest.
SpaceX IPO Goldman Sachs Morgan Stanley Elon Musk Securities and Exchange Commission record offering AI trade OpenAI Anthropic Cerebras Nasdaq