SpaceX picks Goldman Sachs for lead left position on IPO, sources say

SpaceX, which is getting set to publicly disclose its IPO prospectus, has picked Goldman Sachs to lead what’s likely to be a record offering, according to people familiar with the matter.

Goldman will have the lead left position on the prospectus, followed by Morgan Stanley, and then Bank of America, Citigroup and JPMorgan Chase, said the people, who asked not to be named due to confidentiality.

Elon Musk’s reusable rocket company could make its prospectus public as soon as Wednesday after confidentially filing with the Securities and Exchange Commission last month. The offering is expected to bring in a record sum as SpaceX was most recently valued at $1.25 trillion by Musk, when he merged the company with xAI, his artificial intelligence startup, in February.

SpaceX didn’t immediately respond to a request for comment.

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, setting the stage for what could be a year of mega IPOs tied to the AI trade.

SpaceX is looking to get to the public market ahead of AI model leaders OpenAI and Anthropic, which are each valued at close to $1 trillion by private investors. Those companies are eyeing to go public as soon as this year.

For Musk, the highly anticipated prospectus is set to land just days after he suffered a stinging defeat in court to OpenAI and Sam Altman, its CEO. Musk sued Altman in 2024, claiming he broke a promise to keep OpenAI, which Musk helped start nine years earlier, a nonprofit.

An advisory jury in Oakland, California, on Monday said Musk waited too long to sue OpenAI and Altman over the claims, and the verdict was immediately adopted by District Court Judge Yvonne Gonzalez Rogers. Musk called the decision a “calendar technicality,” and vowed to appeal.

The last time Musk took a company public was 2010, when Tesla hit the Nasdaq, Goldman led that offering as well, with Morgan Stanley, JPMorgan and Deutsche Bank next on the filing.

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