Exclusive: SpaceX lines up 21 banks for mega IPO, code-named project Apex

March 31 - SpaceX is working with at least 21 banks on its blockbuster initial public offering, people familiar with the matter said on Tuesday, one of the largest underwriting syndicates assembled in recent years.

The listing, internally codenamed Project Apex, is expected to be among the most closely watched stock market debuts on Wall Street. The public offering, expected in June, is estimated to value the rocket company controlled by founder and CEO Elon Musk at $1.75 trillion.

Morgan Stanley (MS.N), opens new tab, Goldman Sachs (GS.N), opens new tab, JPMorgan Chase (JPM.N), opens new tab, Bank ⁠of America (BAC.N), opens new tab and Citigroup (C.N), opens new tab are serving as active bookrunners, or the lead banks managing the deal, the people said, asking not to be identified because the process is not public. A further 16 banks have signed on in smaller roles, they added.

About half of the banks' names have not previously been reported.

The size of the syndicate underscores the scale and complexity of the planned offering.

Banks in addition to the bookrunners include:

The banks are expected to take on roles in institutional, high-net-worth and retail investor channels as well as in different geographic regions, Reuters previously reported.

The plan is subject to change and additional banks could still be added, the sources ⁠said.

Texas-based SpaceX did not immediately respond to a request for comment. Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JPMorgan, Mizuho, Santander and Wells Fargo declined to comment. The ⁠other banks did not immediately respond to requests for comment.

Large IPO syndicates have become more common for mega deals in recent years.

Chip designer ARM Holdings (O9Ty.F), opens new tab worked ⁠with close to 30 banks on its 2023 listing, while Alibaba Group (9988.HK), opens new tab assembled a similarly large group of underwriters for its record-breaking 2014 debut.

Reporting by Echo Wang in New York; Editing by Dawn Kopecki and Cynthia Osterman

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Echo Wang

Thomson Reuters

Echo Wang is a correspondent at Reuters covering U.S. equity capital markets, and the intersection of Chinese business in the U.S, breaking news from U.S. crackdown on TikTok and Grindr, to restrictions Chinese companies face in listing in New York. She was the Reuters' Reporter of the Year in 2020.