Industry sources say Goldman Sachs is poised to be designated the lead banker for SpaceX's massive initial public offering, a development that would place the firm in the lead-left position on the deal's syndicate, according to people briefed on the matter.
Morgan Stanley is also listed as a lead banker on the transaction, but market participants expect Goldman to take the lead-left slot in the IPO prospectus. The preliminary filing could be published as early as Wednesday, according to the reports.
Other large banks have also been named on the preliminary prospectus. Bank of America, Citigroup and JPMorgan Chase appear on the document in alphabetical order, reflecting their inclusion among the underwriting group on the initial filing.
Reports indicate the Elon Musk-led space company is targeting a price as early as June 11. The company is seeking to raise up to $75 billion and would carry a valuation near $1.75 trillion if those targets are met - a sum that would make this the largest IPO on record.
Outside news services have relayed similar accounts of the bank lineup and timing. The expected allocation of lead roles positions Goldman Sachs at the forefront of an offering that market participants are describing as behemoth in scale.
For public-market investors and the banking syndicate, the timing of the prospectus publication and the pricing window are key milestones to watch. The documents that appear with the preliminary prospectus will lay out the formal roles of the underwriting banks and the proposed terms for the sale.
Market context and mechanics
Positioning one firm as lead-left typically signals that bank's central role in managing book-building and investor outreach for a large equity issuance. With Goldman expected to take that role and Morgan Stanley also serving as a lead, the syndicate will include several of the largest U.S. banks, each listed on the filing.
The proposal to raise up to $75 billion at a $1.75 trillion valuation sets an unprecedented scale for an IPO and situates the deal as a focal point for capital markets activity if the timing and terms proceed as reported.