Gotrade News - SpaceX has tapped Goldman Sachs as lead left underwriter for an initial public offering targeting up to $75 billion. The prospectus could surface as early as Wednesday, with a Nasdaq listing planned for June 12.
The transaction would mark the largest stock market flotation in history at a proposed valuation near $1.75 trillion. That figure jumped from the $1.25 trillion combined valuation set when SpaceX merged with xAI in February.
Key Takeaways
- Goldman Sachs secures the lead left role, the most senior underwriter slot on the SpaceX IPO.
- SpaceX targets $75 billion in proceeds at a $1.75 trillion valuation, listing on Nasdaq June 12.
- Morgan Stanley joins as co-lead within a 20-bank syndicate spanning institutional and retail channels.
Lead Left Role and Syndicate Structure
According to Investing.com, the lead left position gives Goldman Sachs (GS) primary authority over allocation, pricing, and global institutional outreach. The bank also coordinates timing for the broader syndicate.
Morgan Stanley joins as co-lead banker alongside Goldman on the deal. The pairing of Morgan Stanley (MS) and Goldman repeats the 2010 Tesla IPO syndicate, on which Goldman also served as lead left.
Reports indicate 20 banks are involved in total, with 16 in smaller distribution roles. Coverage spans institutional, retail, and international channels to absorb global investor demand for SpaceX shares.
Bank of America, Citigroup, and JPMorgan appear on the preliminary prospectus as additional underwriters. Names are listed alphabetically outside the lead left and co-lead designations.
Implications for US Stocks
As reported by the Wall Street Journal via Investing.com, pricing is targeted for June 11 or shortly thereafter. A deal of this scale is expected to draw substantial liquidity from US equity markets.
Underwriter banks stand to capture meaningful fee income from a transaction this large. IPO fees for the lead underwriters on a $75 billion deal can run into the hundreds of millions of dollars.
SpaceX, the space company led by Elon Musk, would become one of the largest technology issuers ever to list on Nasdaq. Retail demand is expected to be heavy given Starlink growth and brand profile alongside listed peers like Rocket Lab (RKLB).
Per Reuters, Goldman Sachs declined to comment on the assignment. SpaceX and Morgan Stanley did not immediately respond to requests for comment.
