SpaceX taps four Wall Street banks for potential mega IPO

The Financial Times reported Jan. 22 that SpaceX has been lining up Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley to serve as senior lead managers on a potential initial public offering, a development Reuters summarized on Jan. 22–23. The discussions follow a December bake-off process first described by The Wall Street Journal on Dec. 15, 2025, as the company solicited pitches from major investment banks.

People briefed on the matter cautioned that no final decisions have been taken and that the bank line-up remains fluid. Reports said other institutions are likely to win roles within the underwriting syndicate, and specifics such as which firm would act as global coordinator or lead left were not disclosed. Reuters noted that Morgan Stanley, Goldman Sachs, JPMorgan Chase and SpaceX did not immediately respond to requests for comment.

Market attention has focused on the scale and complexity of any SpaceX listing. The company is widely regarded as one of the largest private firms globally, combining extensive government contracting—primarily U.S. defense and NASA work—with its commercial Starlink satellite broadband business. Analysts and market observers cited in coverage placed potential valuations in a broad range from several hundred billion dollars to more than $1 trillion and said an offering could raise tens of billions of dollars. Those figures remain market speculation and have not been confirmed by SpaceX.

If SpaceX were to raise capital on that scale, the transaction could eclipse the $29 billion raised in Saudi Aramco’s 2019 listing and would rank among the largest U.S. offerings in history. Such a deal would carry implications for capital markets: a mega IPO of this size would materially boost annual IPO fundraising volumes and could redirect investor allocations toward space and aerospace-related equities. It would also provide a substantial fee pool for underwriters and a major prestige assignment for participating banks.

The deal’s structure and regulatory contours will be central to its feasibility and timing. Observers point to the company’s government contracts and sensitive aerospace technology as potential constraints. Regulatory reviews, national security concerns and export controls could shape whether SpaceX pursues a single listing, stages separate offerings for divisions such as Starlink, or adopts corporate governance provisions to address national-security sensitivities. Those issues are among the open questions that remain unanswered.

For Wall Street, the bake-off process and the reported preliminary line-up reflect the customary jockeying for position on a prize transaction. Banks vying for senior roles see both the revenue opportunity and the reputational boost of leading a landmark offering. For investors, the prospect of a SpaceX IPO raises questions about valuation benchmarks, revenue visibility for Starlink, and how to price the mix of commercial and government revenue streams.

Key specifics remain to be determined: the official timeline, definitive allocations of lead manager titles, the exact capital target, and any regulatory approvals tied to defense contracting. Until SpaceX confirms a filing or provides guidance on structure and timing, market participants will treat the reports as an evolving indication of a potential, but not imminent, market-transforming listing.