Elon Musk's SpaceX IPO: Banks Must Subscribe to Grok

SpaceX is gearing up for what could be the largest IPO in history, with five major banks—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley—leading the charge. Legal advice is being provided by Gibson Dunn and Davis Polk. The IPO is anticipated to raise over $50 billion, potentially valuing SpaceX at over $1 trillion, which could result in banks earning more than $500 million in fees. However, a recent Bloomberg report suggests that SpaceX might aim for a valuation exceeding $2 trillion, significantly increasing the potential fees. This move follows the recent merger with xAI, which had already boosted SpaceX's valuation to $1.25 trillion. Meanwhile, Elon Musk's other venture, Tesla, boasts a market capitalization exceeding $1 trillion, and Musk stands to gain a $1 trillion pay package if Tesla achieves an $8.5 trillion market cap and other milestones.