Finance
Exclusive-SpaceX Lines up 21 Banks for Mega Ipo, Code-Named Project Apex
Published by Global Banking & Finance Review®
Posted on April 1, 2026
3 min readLast updated: April 1, 2026
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SpaceX has engaged 21 banks—including Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citi—as part of “Project Apex,” aiming for a June IPO potentially valuing the company at $1.75 trillion, with a massive raise of up to $50 billion.
SpaceX lines up 21 banks for mega IPO, code-named project Apex
SpaceX's Blockbuster IPO: Details, Banks, and Market Impact
(In paragraph 6, inserts dropped word "active")
By Echo Wang
Overview of the SpaceX IPO
March 31 - SpaceX is working with at least 21 banks on its blockbuster initial public offering, people familiar with the matter said on Tuesday, one of the largest underwriting syndicates assembled in recent years.
The listing, internally codenamed Project Apex, is expected to be among the most closely watched stock market debuts on Wall Street. The public offering, expected in June, is estimated to value the rocket company controlled by founder and CEO Elon Musk at $1.75 trillion.
Lead Bookrunners and Syndicate Structure
Main Bookrunners
Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup are serving as active bookrunners, or the lead banks managing the deal, the people said, asking not to be identified because the process is not public. A further 16 banks have signed on in smaller roles, they added.
Additional Participating Banks
About half of the banks' names have not previously been reported.
The size of the syndicate underscores the scale and complexity of the planned offering.
List of Participating Banks
Banks in addition to the active bookrunners include:
* Allen & Co * Barclays * Brazil's BTG Pactual * Deutsche Bank * The Netherlands' ING Groep * Macquarie * Mizuho * Needham & Co * Raymond James * Royal Bank of Canada * Societe Generale * Banco Santander * Stifel * UBS * Wells Fargo * William BlairRoles and Regional Coverage
The banks are expected to take on roles in institutional, high-net-worth and retail investor channels as well as in different geographic regions, Reuters previously reported.
The plan is subject to change and additional banks could still be added, the sources said.
Responses and Comments from SpaceX and Banks
Texas-based SpaceX did not immediately respond to a request for comment. Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JPMorgan, Mizuho, Santander and Wells Fargo declined to comment. The other banks did not immediately respond to requests for comment.
Context: Recent Trends in Mega IPO Syndicates
Large IPO syndicates have become more common for mega deals in recent years.
Chip designer ARM Holdings worked with close to 30 banks on its 2023 listing, while Alibaba Group assembled a similarly large group of underwriters for its record-breaking 2014 debut.
(Reporting by Echo Wang in New York; Editing by Dawn Kopecki and Cynthia Osterman)
Key Takeaways
- •SpaceX has assembled one of the largest underwriting syndicates in years, with five lead bookrunners and 16 additional banks, showcasing the deal’s complexity.
- •The IPO, code‑named Project Apex, is slated for June 2026 and could raise up to $50 billion, valuing SpaceX at up to $1.75 trillion—potentially the largest offering in history.
- •Mega‑syndicates have become common for blockbuster deals—Arm’s 2023 IPO involved close to 30 banks and SpaceX’s move echoes that trend.
References
Frequently Asked Questions about Exclusive-SpaceX lines up 21 banks for mega IPO, code-named project Apex
1What is the estimated valuation for SpaceX's IPO?
SpaceX's IPO is expected to value the company at $1.75 trillion.
2How many banks are involved in SpaceX’s IPO?
At least 21 banks are working on the SpaceX IPO, making it one of the largest syndicates in recent years.
3What is the internal code name for SpaceX's IPO project?
The SpaceX IPO project is internally codenamed Project Apex.
4When is SpaceX’s IPO expected to take place?
SpaceX's public offering is expected in June.
5Who are the lead banks managing SpaceX’s IPO?
Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup are serving as active bookrunners.
