Musk's SpaceX files for largest ever IPO with 21-bank syndicate: reports

The news: Elon Musk's SpaceX has filed confidentially with the US Securities and Exchange Commission for what is expected to be the biggest IPO in history, putting the company on track for a June listing that according to reports could raise as much as USD75 billion ($108.1 billion) dwarfing Saudi Aramco's USD29 billion record debut in 2019.

The numbers: Bloomberg has previously reported the company could seek a valuation of more than USD1.75 trillion, after acquiring Musk's AI startup xAI in a deal that valued the enlarged entity at USD1.25 trillion.

Reuters separately reported the listing, which is internally codenamed Project Apex, has enlisted at least 21 banks in one of the largest underwriting syndicates assembled in recent years.

Those banks include Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup serving as lead bookrunners and 16 banks in smaller roles including Barclays, Deutsche Bank, UBS, Macquarie, Mizuho and Royal Bank of Canada.