NEW YORK, May 20, 2026, 05:11 EDT
Goldman Sachs is set to be named lead-left on SpaceX’s planned IPO, positioning the bank as the most senior underwriter for a listing that could break records for size. The lead-left role gives Goldman the top spot in arranging the company’s first sale of shares to the public.
SpaceX could file its prospectus as soon as Wednesday, pushing ahead with its IPO plans, Reuters reported. The company is looking at a June 4 roadshow for investors, pricing as early as June 11, and targeting a Nasdaq listing under SPCX on June 12.
SpaceX looks set to target about $75 billion in an IPO that values the company near $1.75 trillion, Reuters reported. That figure would make it one of the largest public offerings ever, pushing investors to assign a market value to a business focused on reusable rockets, Starlink internet, and Elon Musk’s wider ambitions in space infrastructure.
Morgan Stanley and Goldman are lined up to be lead bankers on the prospectus, according to Reuters. Bank of America, Citigroup and JPMorgan are set for top roles too. Another 16 banks are expected to have smaller spots in institutional, retail and international channels. Goldman declined to comment. Reuters said SpaceX and Morgan Stanley did not answer requests for comment.
Goldman Sachs is set to be lead-left on the SpaceX IPO, The Wall Street Journal reported, citing Reuters. That spot is sought after because it puts the bank in charge of the order book and gives it the top spot among underwriters.
Starship is now set to lift off right as listings crowd the calendar. SpaceX put the next test flight for May 21 at Starbase, Texas in its latest launch schedule, pushing it back from earlier planned dates.
The flight will be SpaceX’s 12th uncrewed Starship test and introduce the V3 model. SpaceX says V3 is meant for more lift, reusability and planned missions for the moon, Mars and Starlink. PitchBook’s Franco Granda told Reuters this launch is the “single most important pre-IPO catalyst” left for SpaceX. Reuters
SpaceX’s Starship lunar lander and Blue Origin’s Blue Moon are set against each other in NASA’s Artemis program, making the contest a high-profile part of the space business. The two projects offer investors a rare, direct matchup, both politically and technically, in a sector that usually lacks such clear side-by-side comparison.
The offering comes as more big private tech firms look at public markets. Reuters said SpaceX, OpenAI and Anthropic might bring up to $3 trillion in combined market value to U.S. equities. But all three companies still have open questions about profitability.
Ameriprise chief market strategist Anthony Saglimbene told Reuters that after the initial excitement fades, companies need to “show exactly what their profits are.” Aberdeen Investments’ Jamie Mills O’Brien said return on equity has been key for keeping high valuations in the past. Reuters
Risks in the deal are clear. Any issues with Starship, poor financials, or investors rejecting the governance plan could hit demand or make pricing tougher. Reuters reported SpaceX plans supervoting shares and restrictions on shareholder rights. Bruce Herbert, Newground Social Investment CEO, called that a “total lack of accountability.” Ann Lipton, law professor at the University of Colorado, said a lot of portfolio managers may still find it “very difficult not to buy.” Reuters
Investors want to see the numbers. Reuters reported SpaceX had almost $5 billion in losses on $18.6 billion in revenue last year, citing the company’s confidential registration filing. A public prospectus should show more detail on Starlink, what SpaceX spends on Starship, and what happens with xAI in the mix.
IPO talk around SpaceX is turning into action. Banks are coming on board, the calendar is set, and the next filing from SpaceX could show if public investors will go along with a private price tag that bakes in plenty of optimism.
