The offering is targeting a valuation of more than $2 trillion and aims to raise as much as $75 billion
Bloomberg / Getty Images
According to Bloomberg, the deal is structured to bring in up to $75 billion while seeking a valuation north of $2 trillion — a figure that would dwarf the $29.4 billion Saudi Aramco raised when it went public in 2019.
A public prospectus filing could come as early as Wednesday, CNBC reported, after the company submitted documents to the Securities and Exchange Commission under a confidential process last month. When contacted by Bloomberg, none of the five lead banks — Goldman Sachs, Morgan Stanley, Bank of America, Citigroup or JPMorgan — offered a statement, and SpaceX had not replied to media inquiries.
Where a bank appears on an IPO cover page signals the depth of its involvement and can determine how fee revenue is divided, Bloomberg noted, adding that the SpaceX deal is projected to deliver payouts to the underwriting banks that would far exceed what a typical public offering generates. A wider syndicate of regional banks has also been assembled, Bloomberg reported: Barclays is responsible for share orders in the U.K., Deutsche Bank and UBS are covering continental Europe, Royal Bank of Canada is overseeing Canadian demand, Mizuho Financial Group is handling Asia, and Macquarie Group is assigned to Australia.
It is not the first time Goldman has led a Musk venture to market: the bank also anchored Tesla $TSLA's 2010 Nasdaq $NDAQ debut, which featured Morgan Stanley, JPMorgan and Deutsche Bank in supporting roles, CNBC noted. For context on the scale of the anticipated SpaceX listing, CNBC pointed out that no technology company has ever crossed a $100 billion valuation on its first trading day in the U.S. — a threshold that even Facebook $META and Alibaba did not clear.
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.
