The biggest fee event on Wall Street is officially taking shape.
According to new reporting, SpaceX is finalizing the roster of underwriters for its potential 2026 Initial Public Offering. The company has reportedly tapped four heavyweights for senior roles in what could be the largest listing in history.
🏦 THE LINEUP: The “Big Four” are all in the mix:
- Morgan Stanley (Viewed as a leading contender due to deep historic ties with Elon Musk).
- Goldman Sachs
- JPMorgan Chase
- Bank of America
💰 THE NUMBERS: This is not a standard tech IPO. It is a sovereign-sized event.
- Valuation: Recent secondary share sales have valued the company at a staggering $800 billion.
- The Raise: Previous reports suggest SpaceX could seek to raise >$25 billion, potentially eclipsing the record set by Saudi Aramco ($25.6B) or Alibaba ($25B).
🌊 THE CONTEXT: SpaceX’s preparation signals the opening of the “Mega-Listing” window for 2026, with AI giants like Anthropic and OpenAI also laying groundwork. However, SpaceX stands apart—it is a mature infrastructure monopoly (Starlink) attached to a deep-tech moonshot (Starship), commanding a valuation nearly 8x that of Boeing.
💡 ANALYST TAKEAWAY: For the chosen banks, this is the “career-maker” deal. The fees alone on a $25B+ raise could surpass total annual revenues for some boutique firms. But for the broader market, an $800B IPO sucks a massive amount of liquidity out of the room. Asset managers will need to sell something to make room for a benchmark-weight SpaceX allocation. The question is: what gets sold to buy the future of space?
👇 Capital Markets Pros: Can the market absorb an $800B listing without a liquidity crunch, or will we see a rotation out of legacy aerospace/telco stocks?