Goldman Sachs has reportedly secured the lead underwriting role for SpaceX's initial public offering, a move that could set the stage for the largest stock market debut in history. According to sources familiar with the matter who spoke to CNBC, the Wall Street bank will occupy the "lead left position" on the IPO, meaning it will coordinate the offering, manage investor relations, and help determine the final share price.
The underwriting syndicate also includes Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, reflecting the scale of the deal. Neither SpaceX nor Goldman Sachs has publicly confirmed the report, and details regarding the exact valuation, timing, and share structure remain unconfirmed.
A $1.25 Trillion Valuation and Global Market Implications
The IPO is expected to take place later this year at a valuation of $1.25 trillion (€1.05 trillion) or higher. That would place SpaceX among the ten most valuable publicly traded companies globally, surpassing Tesla, another of Elon Musk's ventures. The listing could also make Musk the world's first recorded trillionaire.
For European investors, the IPO represents a significant opportunity to gain exposure to a company that combines aerospace engineering with artificial intelligence. SpaceX's acquisition of xAI in February, in an all-stock deal valuing the combined entity at $1.25 trillion, added AI capabilities to its portfolio. This aligns with broader trends in European markets, where AI-driven companies are increasingly attracting attention. The recent Nasdaq debut of AI chipmaker Cerebras Systems, which closed with a valuation of roughly $95 billion (€81.75 billion), has fueled expectations for a wave of major tech IPOs this year.
The IPO also comes at a time when global equity markets have seen a slowdown in new listings, partly due to elevated interest rates and volatile tech valuations. A successful SpaceX flotation could reinvigorate market activity, with potential ripple effects for European exchanges and institutional investors.
Retail Investors May Get Unusually Large Access
In a departure from typical large-scale IPOs, SpaceX is reportedly considering allocating up to 30% of shares to retail investors. This structure would allow smaller individual investors—rather than just institutional funds—to participate directly in the offering. Such an approach could democratize access to one of the most anticipated listings in years, though it also carries risks for volatility.
Analysts have pointed to Starlink, SpaceX's satellite internet division, as a key driver of the company's valuation. Starlink's recurring revenue model and expanding global subscriber base provide a stable income stream that appeals to long-term investors. The division's growth has been particularly notable in regions with limited internet infrastructure, including parts of Europe and the Balkans.
The IPO's timing also intersects with broader European regulatory developments. The European Union's recent crackdown on AI-related abuses, including a landmark ban on AI nudification apps, underscores the continent's cautious approach to technology governance. While SpaceX's AI operations are unlikely to be directly affected, the regulatory environment could influence how European funds assess the company's risk profile.
As preparations for the IPO accelerate, the financial world is watching closely. For European readers, the listing offers a lens into the evolving dynamics of global capital markets, the intersection of aerospace and AI, and the potential for retail investors to gain a foothold in a company that is reshaping space exploration and telecommunications.
