- Early bank talks signal movement, not a final decision
- Valuations swing widely as plans remain fluid
- Starlink seen as the main commercial driver
People familiar with the matter say SpaceX has lined up four major Wall Street banks to take senior roles on a potential stock market listing, a move that suggests long-running IPO speculation is edging closer to formal planning.
According to those sources, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley are expected to be involved, though discussions are ongoing and no final mandates have been signed. The Financial Times reported the names of the banks earlier. All parties have declined to comment publicly.
Banks circle, but nothing is locked in
The talks are still described as early stage. People close to the process caution that the structure, timing and even the decision to list could still change, depending on market conditions. Additional banks are also said to be in discussions for advisory roles.
SpaceX, led by Elon Musk, has not confirmed any IPO plans. In December, employees were reportedly told the company was entering a quiet period and should avoid discussing a potential listing, a step commonly associated with companies preparing for a public debut.
Market estimates around the size of any flotation vary sharply. Some reports suggest SpaceX could seek to raise more than £20 billion ($25 billion), which would place it among the largest IPOs on record. Other preparations have pointed to a much more ambitious scenario, with fundraising potentially exceeding £24 billion ($30 billion) at a valuation of around £1.2 trillion ($1.5 trillion). By contrast, a recent insider share sale reportedly valued the company closer to £630 billion ($800 billion), according to Bloomberg.
Investors' attention
SpaceX is already one of the most valuable private companies in the world, but much of investor interest is centred on Starlink, its satellite broadband business. Starlink is estimated to account for about 70 per cent of group revenue, offering a steady income stream that public market investors tend to favour.
Alongside this, SpaceX continues to dominate US orbital launches with its Falcon 9 rocket, while development work on Starship, a fully reusable heavy-lift rocket, remains ongoing. Recent test flights have shown progress, and regulators have approved a higher annual launch rate from the company’s Texas facilities.
Musk has previously voiced doubts about public markets, reportedly saying that short-term investor expectations can conflict with long-term technological ambitions. That tension is likely to resurface if SpaceX does move ahead with a listing, given the scale and cost of its projects.
Any flotation would also land in a crowded pipeline. Markets are bracing for a wave of large US listings, with companies such as OpenAI and Anthropic also reported to be laying groundwork for potential IPOs, as quoted in a news report.
For now, SpaceX’s IPO remains a possibility rather than a promise. What is clear is that conversations have moved beyond theory and into planning, even if the final outcome is still very much up in the air.
