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SpaceX Mega IPO: 21 Banks, $1.75T Valuation, Project Apex

SpaceX is advancing plans for a mega initial public offering with 21 banks, codenamed Project Apex, targeting a $1.75 trillion valuation for a June 2025 debut. The banking syndicate features major firms like Morgan Stanley and Goldman Sachs as lead bookrunners, supported by 16 other banks covering global investor channels. This extensive syndicate underscores the deal's complexity, mirroring recent large-scale IPOs such as ARM and Alibaba. Concurrently, SpaceX is scheduling a NASA launch for September 2025. The IPO terms remain preliminary and subject to change, with limited official commentary from involved parties.

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SpaceX Mega IPO: 21 Banks, $1.75T Valuation, Project Apex

SpaceX has enlisted 21 banks for its blockbuster initial public offering, internally codenamed Project Apex, with the company's valuation estimated at $1.75 trillion and the debut expected in June 2025.

IPO Overview

  • The public offering is slated for June 2025.
  • Internal codename: Project Apex.
  • Estimated valuation: $1.75 trillion.
  • Poised to be one of Wall Street's most closely watched stock market debuts.

Banking Syndicate

  • At least 21 banks are participating in the underwriting syndicate.
  • Lead bookrunners (active managers): Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup.
  • An additional 16 banks have joined in smaller, supporting roles.
  • Approximately half of the banks involved have not been previously reported.
  • Banks will handle institutional, high-net-worth, and retail investor channels across various geographic regions.

Market Context

  • Large underwriting syndicates are increasingly common for mega-sized IPOs.
  • Recent parallels include ARM Holdings' 2023 listing with nearly 30 banks and Alibaba's 2014 debut with a similarly large group.
  • The syndicate's size reflects the scale and complexity of SpaceX's offering.

Additional Context

  • SpaceX is also preparing a Falcon 9 rocket launch for NASA's IMAP mission on September 23, 2025, from Kennedy Space Center, Florida, to study the sun's heliosphere.
  • The IPO plans are subject to change, with potential for additional banks to join.
  • SpaceX did not immediately respond to requests for comment. Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JPMorgan, Mizuho, Santander, and Wells Fargo declined to comment; other banks did not immediately respond.
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