SpaceX is collaborating with at least 21 banks to facilitate its highly anticipated IPO, a move that signals one of the largest underwriting syndicates in recent years.
Internally dubbed Project Apex, the offering is projected for June and could value the space exploration company at approximately $1.75T, making it one of the most scrutinised stock market launches in Wall Street’s history according to Reuters.
Prominent financial institutions, such as Morgan Stanley, Goldman Sachs, J.P. Morgan Chase, Bank of America, and Citigroup, are active book runners for the deal.
Sixteen other banks have joined in subordinate roles, with roughly half of those names previously unreported. This expansive syndicate underscores the scale and complexity inherent in executing such a significant public offering.
Other banks participating in various capacities include Allen & Co, Barclays, BTG Pactual, Deutsche Bank, ING Groep, Macquarie, Mizuho, Needham & Co, Raymond James, Royal Bank of Canada, Societe Generale, Banco Santander, Stifel, UBS, Wells Fargo, and William Blair. These banks will engage across multiple investor channels, including institutional and high-net-worth clients, while also addressing retail investor segments and various geographic markets.
The preparations for the IPO remain flexible, with the possibility of additional banks joining the syndicate as the process evolves.
SpaceX has not commented on the developments yet the trend of large IPO syndicates has gained traction in recent years, following high-profile listings by companies such as ARM Holdings and Alibaba Group.
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