Project Apex: SpaceX's $1.75 Trn Stock Market Debut Takes Shape With 21

Elon Musk's SpaceX is working with at least 21 banks to manage its upcoming initial public offering (IPO), assembling one of the largest banking teams put together for a stock market listing in recent years, according to a report by Reuters.

The listing, which is being planned internally under the codename Project Apex, is expected to take place in June and could value SpaceX at a staggering $1.75 trillion, making it one of the most closely watched Wall Street debuts in history.

Who Are the Lead Banks?

Five of Wall Street's biggest names are serving as the lead managers of the deal, known in banking parlance as "active bookrunners." These are Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup, according to the report.

These five banks will be primarily responsible for drumming up investor interest, pricing the shares, and ensuring the listing goes smoothly.

A further 16 banks have signed on in supporting roles. They include Allen & Co, Barclays, BTG Pactual, Deutsche Bank, ING Groep, Macquarie, Mizuho, Needham & Co, Raymond James, Royal Bank of Canada, Societe Generale, Banco Santander, Stifel, UBS, Wells Fargo, and William Blair.

These banks are expected to help reach investors across different categories like institutional funds, high-net-worth individuals and retail investors as well as across different geographies.

Why So Many Banks?

For a listing of this scale, a large banking syndicate is not unusual. When British chip designer ARM Holdings went public in 2023, it worked with close to 30 banks. Chinese e-commerce giant Alibaba assembled a similarly large group for its record-breaking IPO in 2014.

Companies appoint multiple banks for an IPO because no single institution, however large, has the reach, relationships, or capacity to sell billions of dollars worth of shares to every type of investor across every corner of the world on its own.

Active bookrunners manage the overall process and take the largest fees, while supporting banks are brought in to tap specific investor categories such as institutional funds, high-net-worth individuals and retail investors, as well as different geographies.

The arrangement also spreads financial risk. Banks that underwrite an IPO often commit to buying unsold shares themselves and distributing that exposure across a large syndicate ensures no single institution is left dangerously overexposed if market appetite falls short.

The sheer size of SpaceX's expected valuation, and the global investor appetite it is likely to generate, means the company needs a wide network of banks to manage demand across markets and investor types.

Not the Only Big IPO in Town

SpaceX's listing is not happening in isolation. A wave of high-profile IPOs is currently taking shape globally, including two major ones closer to home.

India's National Stock Exchange (NSE) has finalised the appointment of key advisers for its own proposed IPO, selecting 20 merchant bankers, eight law firms, and several specialist advisers to manage the transaction.

Meanwhile, Reliance Industries has formally begun preparations for the IPO of its digital arm, Jio Platforms, appointing 17 investment banks for the process. The syndicate includes global giants such as Goldman Sachs, Morgan Stanley, Citigroup, JPMorgan, HSBC, and Bank of America, alongside top Indian firms including Kotak Mahindra Capital, Axis Capital, JM Financial, ICICI Securities, IIFL, and SBI Capital Markets. Reports suggest the Jio IPO could raise around ₹40,000 crore.