SpaceX's path to the public markets now has a code name—and a crowd. The Elon Musk-led company has tapped at least 21 banks to work on its planned initial public offering, one of the biggest underwriting squads assembled in recent years, sources tell Reuters. The IPO, internally dubbed "Project Apex" and targeted for June, could value the Texas-based rocket maker at about $1.75 trillion. No company has ever gone public at a valuation above $1 trillion. SpaceX is looking to raise between $40 billion and $80 billion, per the Globe and Mail, with Axios putting the ideal figure at around $75 billion. Any figure in that range would secure the largest IPO of all time, by a long shot.
Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup are leading the deal, with another 16 firms, including Barclays, Deutsche Bank, UBS, Wells Fargo, RBC, and Santander, taking smaller roles, per Reuters. The banks are expected to target different types of investors across multiple regions, and more could still be added. Oversized bank lineups have become standard for supersized debuts: chip designer Arm enlisted nearly 30 underwriters for its 2023 offering, and Alibaba used a similarly broad bench for its 2014 listing. Looking ahead to June, Axios notes Musk, who is vocal on X, "may struggle to comport with rules about what company insiders can and can't say once the IPO process begins."
,
uBlock 
,
and
Ghostery 
)
