Billionaire Elon Musk’s rocket company, SpaceX, is nearing its blockbuster IPO (initial public offering) and has lined up 21 banks. The listing is internally dubbed “Project Apex,” and features one of the largest underwriting syndicates in recent years.
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SpaceX is expected to go public in June, potentially raising $75 billion at a $1.75 trillion valuation, the highest for any private startup. The syndicate’s scale highlights the IPO’s immense size and complexity. Notably, Musk plans to allocate up to 30% of shares to retail investors, far exceeding the typical 5-10%.
Which Banks Are Included?
Active bookrunners for Project Apex include Morgan Stanley (MS), Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America (BAC), and Citigroup (C). These five banks will lead the deal, and another 16 banks have been added for smaller roles. Some of the other banks are Barclays (BCS), Deutsche Bank (DB), Royal Bank of Canada (RY), UBS (UBS), and Wells Fargo (WFC).
The 21 banks are poised to divide responsibilities across global investor channels, including institutional investors, high-net-worth individuals, and retail participants. This broad syndicate structure maximizes reach for what could be one of the largest tech IPOs in history.
How Is SpaceX Expected to Perform?
SpaceX’s large valuation is fueled by Starlink’s 10 million+ subscribers and Starship progress. It boasts a strong customer base, including NASA (National Aeronautics and Space Administration) and satellite firms like EchoStar (SATS), Viasat (VSAT), Intelsat, and Telesat (TSAT). Rocket launches and Starlink drive most of SpaceX’s revenue, projected to reach $20 billion in 2026. Meanwhile, recently merged xAI contributes under $1 billion, with its $17.5 billion debt set for full repayment pre-IPO, per insiders.
Musk has also scheduled an April investor briefing to address IPO uncertainties. Investors await details on SpaceX’s valuation pitch amid ambitious plans for AI data centers in space, a moon base, and third-generation Starship advancements that demand massive funding and tech leaps.
