- SpaceX is in talks with Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley to underwrite a potential IPO targeted for 2026.
- An internal share sale valued SpaceX at about $800 billion, while IPO estimates range from roughly $1–1.5 trillion with a $25–30+ billion raise.
- Morgan Stanley is viewed as the front-runner for the key “lead left” role, but final bank assignments and timing depend on market and regulatory conditions.
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SpaceX is moving closer to an initial public offering (IPO) in 2026, having enlisted top U.S. banks—Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley—for senior underwriting roles. While an official announcement has not yet been made, these firms are under consideration to lead one of the most anticipated IPOs globally.
The company’s valuation through an internal share transaction was set at approximately $800 billion as of December 2025, with estimates that its public market valuation could reach between $1–1.5 trillion if the IPO succeeds. IPO proceeds are aimed at exceeding $25–30 billion, potentially making this the largest IPO on record.
Morgan Stanley is emerging as the front-runner for the leading underwriting slot—or “lead left”—which typically signals control over syndicate formation and marketing strategy. This position seems to be predicated on its deep, multi-year relationship with Elon Musk, including roles advising his ventures historically.
However, several factors introduce uncertainty: macroeconomic volatility, capital market receptivity, regulatory scrutiny around space/satellite ventures and national security (given Starlink and spectrum issues), and operational execution, especially for Starship and Starlink growth. Market timing could shift—some reports suggest mid-2026 (around June–July), while others indicate earlier preparatory work underway.
Strategically, this IPO could reshape capital flows in aerospace, telecom, and AI infrastructure, and set valuations benchmarks for space-based businesses. It may also pressure rivals and suppliers in launch services, satellite constellations, and spectrum ownership. For the banks involved, leading roles offer both prestige and financial reward, but entail heightened risk exposure in pricing, distribution, and regulatory compliance.
Open questions remain: What role(s) will the four banks specifically play—who gets “lead left,” co-lead, or book-runner titles? What is the final capital raise versus valuation? How will regulatory bodies treat SpaceX’s dual role as both a space launch company and spectrum holder? When will the IPO occur given market cycle risks?
Supporting Notes
- SpaceX is lining up four Wall Street firms—Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—to take senior roles in a potential IPO.
- An internal share sale in December 2025 valued SpaceX at around $800 billion.
- IPO proceeds are expected to be at least $25 billion, possibly more than $30 billion.
- Morgan Stanley is viewed as a front-runner for the “lead left” underwriting role due to its long-standing relationship with Elon Musk.
- No definitive bank roles have been finalized; all plans remain subject to change depending on market conditions.
- Some reports assign a mid-2026 timeline (June-July) for the offering, though with caveats.
- Strategic importance spans Starlink expansion, satellite spectrum acquisition, Starship development, and space-based AI infrastructure.