SpaceX taps 21 banks for 'Project Apex' IPO, targets $1.75 trillion valuation: Report- Moneycontrol.com

The broader group of participating institutions includes firms such as Barclays, Deutsche Bank, UBS, Wells Fargo, Banco Santander and Royal Bank of Canada, among others

SpaceX is working with at least 21 banks for its planned initial public offering, underscoring the scale of what could be one of the biggest listings in recent years, CNBC reported, citing people familiar with the matter.

The IPO, internally code-named "Project Apex," is expected to be among the most closely tracked market debuts on Wall Street, the CNBC report added. The offering, likely to take place in June, could value the Elon Musk-led rocket company at around $1.75 trillion.

According to the CNBC report, major global banks including Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup have been appointed as lead bookrunners, managing the core aspects of the deal.

In addition, around 16 other banks have joined the syndicate in supporting roles, with roughly half of their names not previously disclosed.

The broader group of participating institutions includes firms such as Barclays, Deutsche Bank, UBS, Wells Fargo, Banco Santander and Royal Bank of Canada, among others. These banks are expected to handle different investor segments, including institutional, high-net-worth and retail investors, as well as manage geographic distribution.

The size of the underwriting syndicate highlights the complexity and scale of the proposed listing. Sources told CNBC that the final structure is still evolving, and more banks could be added before the offering is finalised.

Large syndicates have increasingly become common for mega IPOs. For instance, Arm Holdings worked with nearly 30 banks for its 2023 listing, while Alibaba Group had assembled a similarly large group for its record-breaking 2014 debut.