Goldman Sachs Group Inc. has secured the leading role on the cover of SpaceX's initial public offering, according to people familiar with the matter, positioning the firm prominently in what could become the largest listing in history.
Morgan Stanley is also listed as a lead bank, the sources said, requesting anonymity because the details are not public. Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. appear in alphabetical order on the preliminary prospectus, the people added.
Billionaire Elon Musk's rocket, satellite, and artificial intelligence company is expected to file publicly for an IPO as early as Wednesday, Bloomberg News has reported.
Bank Roles and Fees
A bank's position on the cover of a high-profile IPO typically indicates a more active role and, in some cases, a larger share of the fees. The listing is expected to generate fees far exceeding those of a normal IPO, and Citigroup was added to the lead banks in March, joining the other four.
Deliberations are ongoing, and details of the offering could still change, the sources said. The Wall Street Journal first reported the lineup.
Representatives for Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan declined to comment. A SpaceX spokesperson did not immediately respond to requests for comment.
IPO Size and Global Reach
SpaceX's IPO is targeted to raise as much as US$75 billion, with a valuation exceeding US$2 trillion, according to people familiar with the matter. At that size, it would easily surpass Saudi Aramco's US$29.4 billion IPO in 2019, based on Bloomberg calculations.
Numerous other banks have been assigned roles. Barclays PLC is managing UK IPO share orders, while Deutsche Bank AG and UBS Group AG are handling European orders.
Royal Bank of Canada is managing share orders from Canada, Mizuho Financial Group Inc. is working on Asia orders, and Macquarie Group Ltd. is focused on Australia, Bloomberg News has reported.
