SpaceX taps Goldman Sachs for $75 billion IPO, targeting $2 trillion valuation

Goldman Sachs and Morgan Stanley will lead the initial public offering for Elon Musk's SpaceX. The banking syndicate includes Bank of America, Citigroup, and JPMorgan Chase & Co. These institutions represent major components of the XLF ETF.

SpaceX expects to submit its public filing as soon as May 20. The company is targeting a valuation of more than $2 trillion. It aims to raise as much as $75 billion in the offering.

The deal would surpass the $29.4 billion raised by Saudi Aramco. That record-setting offering occurred in 2019. This transaction would become the largest initial public offering in history.

Underwriting fees will generate a substantial windfall for the involved investment banking divisions. This historic transaction is expected to improve earnings and sentiment for these major financial players.