Tesla and SpaceX CEO Elon Musk has recently attended a state banquet in Beijing alongside President Donald Trump and Chinese President Xi Jinping, an event marked by high-profile attendees in the illustrious Great Hall of the People. This gathering comes at a pivotal time for Musk as SpaceX prepares to unveil its Initial Public Offering (IPO) prospectus, a move that could potentially reshape the financial landscape.
Sources familiar with the matter indicate that SpaceX has chosen Goldman Sachs to spearhead what is anticipated to be a record-breaking IPO. Goldman Sachs is set to take the lead in the prospectus, followed closely by Morgan Stanley, with other major players including Bank of America, Citigroup, and JPMorgan Chase rounding out the underwriting team. The formal prospectus could be made public as early as Wednesday, following a confidential filing with the Securities and Exchange Commission last month.
SpaceX’s valuation stands at an impressive $1.25 trillion, as per Musk’s estimates following the merging of the company with his artificial intelligence startup, xAI, earlier in February. The IPO is expected to generate substantial funds, especially as only two tech companies—Facebook and Alibaba—have surpassed the $100 billion mark in market capitalization on their first day of trading in the U.S.
The timing of SpaceX’s IPO is crucial, as the company seeks to establish its presence in the public market ahead of AI frontrunners like OpenAI and Anthropic, both of which are poised to go public this year with valuations nearing $1 trillion. The recent market activity, highlighted by the debut of AI chipmaker Cerebras on the Nasdaq, is generating excitement for what could be a year filled with monumental IPOs linked to the thriving AI sector.
However, Musk has also faced legal challenges recently, suffering a setback in court against OpenAI and its CEO, Sam Altman. Musk had pursued legal action against Altman in 2024, alleging that he broke an agreement to maintain OpenAI as a nonprofit organization—an initiative Musk helped establish nearly a decade ago. A jury in Oakland, California, ruled that Musk waited too long to file the lawsuit, a verdict that has been accepted by District Court Judge Yvonne Gonzalez Rogers. Musk described the ruling as a “calendar technicality” and announced his intentions to appeal.
Musk’s last IPO experience was over a decade ago when Tesla went public in 2010, with Goldman Sachs taking a leading role in that offering as well. As SpaceX stands on the brink of a significant milestone, the upcoming IPO prospectus is generating considerable anticipation within the financial sector and beyond.
