SpaceX Lines Up 21 Banks for “Project Apex” IPO Worth $1.75 Trillion

TLDR

• SpaceX is working with 21 banks on its IPO, internally codenamed “Project Apex”
• The listing is expected in June 2026 at a valuation of $1.75 trillion
• Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citigroup are lead bookrunners
• SpaceX could raise $75 billion, with up to 30% of shares going to retail investors
• Revenue is projected to hit $20 billion in 2026, driven by Starlink and rocket launches

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SpaceX is preparing for one of the most watched stock market debuts in years. The company, founded and led by Elon Musk, has assembled a 21-bank syndicate for its planned IPO, which is being called “Project Apex” internally.

The offering is expected to happen in June 2026. At a projected valuation of $1.75 trillion, it would be the highest valuation ever for a private startup going public.

SpaceX is looking to raise $75 billion from the listing. That would make it one of the largest IPOs in stock market history.

Five banks are serving as lead bookrunners on the deal: Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup. These banks will manage the core of the transaction.

Another 16 banks have been brought on in smaller supporting roles. The full list includes Barclays, Deutsche Bank, Wells Fargo, UBS, Royal Bank of Canada, Societe Generale, Banco Santander, ING Groep, Macquarie, Mizuho, BTG Pactual, Allen & Co, Needham & Co, Raymond James, Stifel, and William Blair.

The size of the bank group reflects the scale of the deal. For comparison, chip designer Arm Holdings used nearly 30 banks for its 2023 IPO, and Alibaba assembled a similarly large group for its 2014 listing.

The 21 banks will divide responsibilities across different investor types and regions. This includes institutional investors, high-net-worth individuals, and retail participants around the world.

One detail that sets this IPO apart is Musk’s plan to offer up to 30% of shares to retail investors. That is well above the typical allocation of 5% to 10% for individual investors.

SpaceX Financials and Revenue Drivers

SpaceX’s revenue comes mainly from two areas: rocket launches and its Starlink satellite internet service. Starlink now has more than 10 million subscribers.

The company’s customers include NASA and satellite operators such as EchoStar, Viasat, Intelsat, and Telesat. Revenue is projected to reach $20 billion in 2026.

SpaceX also recently merged with xAI, Musk’s artificial intelligence company. The xAI segment currently contributes less than $1 billion in revenue, and its $17.5 billion in debt is expected to be fully repaid before the IPO closes.

What Comes Next for the IPO

Musk has scheduled an investor briefing in April to address questions about the offering. Details are expected to cover valuation, future plans, and financials.

SpaceX did not respond to a request for comment. Several banks including Goldman Sachs, JPMorgan, and Wells Fargo declined to comment.

The plan is still subject to change, and more banks could still be added to the syndicate before the June listing.

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