SpaceX has tapped Goldman Sachs for the lead-left slot on its initial public offering prospectus, CNBC reported.
Rounding out the lead bank group are Bank of America, Citigroup and JPMorgan Chase, with Bloomberg reporting that Morgan Stanley also holds a lead position
A source told the Wall Street Journal that those three banks appear in their current order simply because of the alphabet. According to Bloomberg, the deal is structured to bring in up to $75 billion while seeking a valuation north of $2 trillion — a figure that would dwarf the $29.4 billion Saudi Aramco raised when it went public in 2019. A public prospectus filing could come as early as Wednesday, CNBC reported, after the company submitted documents to the Securities and Exchange Commission under a confidential process last month.
When contacted by Bloomberg, none of the five lead banks — Goldman Sachs, Morgan Stanley, Bank of America, Citigroup or JPMorgan — offered a statement, and SpaceX had not replied to media inquiries. Where a bank appears on an IPO cover page signals the depth of its involvement and can determine how fee revenue is divided, Bloomberg noted, adding that the SpaceX deal is projected to deliver payouts to the underwriting banks that would far exceed what a typical public offering generates. A wider syndicate of regional banks has also been assembled, Bloomberg reported: Barclays is responsible for share orders in the U.K., Deutsche Bank and UBS are covering continental Europe, Royal Bank of Canada is overseeing Canadian demand, Mizuho Financial Group is handling Asia, and Macquarie Group is assigned to Australia.