This week a prospectus for SpaceX lands. The number one company among all top-producing firms is (drumroll, please) Goldman Sachs. It has accompanied every mark transaction Musk has done.

The record-breaking IPO is about to be official SpaceX could file its prospectus as soon as Wednesday, launching a process that culminates in June 12 and a Nasdaq listing under ticker SPCX. Goldman Sachs will be listed in the lead-left position, the most senior position on the front cover page followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan. Another 16 banks fill out the syndicate, probably the biggest lineup of Wall Street underwriters ever for a single deal.

Ambition: $75B at a $1.75T valuation This is nearly twice the $929 billion raised by Saudi Aramco (2222.SE) in its 2019 IPO, which remains the largest so far. If it ultimately prices at the top end of expectations, SpaceX would open trade as the world's third-most valuable public company after Nvidia and Apple.

Goldman has been here before

The relationship with Goldman is not new. Goldman was lead left on Tesla's 2010 IPO. Goldman was lead underwriter for the 2012 listing of SolarCity. Goldman oversaw five different Tesla equity offerings over the years, managed Tesla's first junk bond issuance in 2017 and at points in time directly lent Musk hundreds of millions against his Tesla shares. For almost fifteen years the two have been economically linked.

The same rationale applies to betting on Goldman for the most important deal of his career. The bank understands the assets, knows the narrative and has institutional contacts to place $75 billion of shares. Morgan Stanley, who has a long history with Musk himself, falls into the second spot, but of course still comes up massive winners at this deal size. The fee income across the lead underwriters on a $75 billion IPO gets into the hundreds of millions of dollars.

Why this one is different from other IPOs

SpaceX is going public at 24 years old while most of its valuation appreciation already occurred in private markets. The $1.25 trillion paper merger with xAI in February And that is actually above the price for which this IPO is now closing. Retail investors have been allocated up to 30% of available shares in the offering (up from typical allocations of 5 to 10%). SpaceX's CFO told CNBC that the retail would be a "larger percentage than any other IPO in history"

This week's S-1 will mark the first public dissection of SpaceX audits in their entirety. For 2025, the company projected $18.67 billion in revenue, distributed among Starlink broadband at about $10.2 billion; launch services at $6.4 billion; and Starshield government contracts at $1.8 billion. The Colossus Memphis facility is the fourth revenue segment for Anthropic's compute deal. Both the xAI CSAM regulatory exposure and super-voting governance structure that seems to award Musk 79% of votes will occupy the risk section.

The timing is complicated

The prospectus comes days after Musk lost OpenAI trial. An Oakland advisory jury concluded Monday that his lawsuits against Sam Altman had been filed too late for the statute of limitations. The verdict was immediately adopted by Judge Yvonne Gonzalez Rogers. Musk termed it a "calendar technicality" and said he plans to appeal.

Not great optics to lose a high profile lawsuit just the week your IPO paperwork becomes public. But SpaceX's business fundamentals are good enough that it seems most institutional investors will overlook it. Starlink alone brought in more than $10B last year with nine million subscribers, and is on track for $24B by the end of 2026. The watch will be the roadshow which starts June 4. If demand from institutions fills the book in 48h, everything else is noise.

June 12 listing date could be read as well as being moment SpaceX will have to report its 8,285 BTC at fair market value for the first time under new FASB accounting rules. People will be pulling that disclosure up in corporate treasury discussions many years from now.

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