Elon Musk taps top Wall Street banks for SpaceX mega IPO

• Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are being positioned for senior underwriting roles, with Morgan Stanley considered to have an inside track due to its relationship with Musk through Tesla
• SpaceX's valuation doubled from $400 billion in July 2025 to $800 billion by December 2025; a 3-5% equity offering could raise $25-40 billion in proceeds
• Starlink is the primary growth driver with 8.5 million customers generating over $10 billion in annual recurring revenue, having deployed 3,200 satellites in 2025 (a 60% year-over-year increase)

Summary: SpaceX Prepares for Record-Breaking IPO

Key Development:

Elon Musk's SpaceX has begun positioning four major Wall Street banks—Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—for senior underwriting roles in a potentially record-breaking initial public offering. Morgan Stanley is considered the frontrunner given its existing relationship with Musk through Tesla.

Valuation and Scale:

SpaceX's private market valuation reached approximately $800 billion in December 2025, doubling from $400 billion in July 2025. Even a modest 3-5% equity offering could raise $25-40 billion, surpassing Saudi Aramco's 2019 record of $29 billion. The IPO would position SpaceX among the world's twenty largest publicly traded companies.

Timeline:

CFO Bret Johnsen confirmed in December that SpaceX is preparing for a potential 2026 IPO, though timing and final valuation remain uncertain.

Revenue Drivers:

Starlink, the satellite internet service, is the primary growth engine with 8.5 million customers generating over $10 billion in annual recurring revenue. SpaceX deployed 3,200+ satellites in 2025, a 60% year-over-year increase, with a second-generation direct-to-device cellular system planned for 2027.

Use of Proceeds:

Funds would accelerate Starship rocket development, establish orbital data centers, and finance missions to Mars and the proposed Moonbase Alpha lunar base.

Market Context:

The IPO timing coincides with an anticipated wave of technology sector public offerings in 2026, including several high-value AI companies like OpenAI and Anthropic seeking capital market access.

Note: All four banks declined comment, and SpaceX did not respond to confirmation requests.