The largest IPO in history: Goldman Sachs takes the biggest share of the investment banking deal.

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Goldman Sachs will take the most prominent spot in the largest IPO in SpaceX’s history, a deal expected to reshape the landscape of Wall Street investment banking.

According to a Wednesday report from Bloomberg, sources revealed that Goldman Sachs will be listed first on the cover of SpaceX’s IPO prospectus, with Morgan Stanley also named as a lead underwriter immediately following.

Bank of America, Citigroup, and JPMorgan Chase will be listed above in alphabetical order. SpaceX may formally submit its IPO application documents as soon as this Wednesday.

This SpaceX IPO aims to raise as much as $75 billion, with a valuation expected to exceed $2 trillion. If successful, it will easily surpass the $29.4 billion IPO record set by Saudi Aramco in 2019, becoming the largest listing transaction in history. The deal is expected to bring underwriting banks unprecedentedly lucrative fees.

Cover Position Battle: Goldman Sachs Secures the “Top Seat”

In high-profile IPO deals, the order in which investment banks are listed on the prospectus cover carries significant symbolic and practical meaning. A front position on the cover often indicates a more active participatory role and, in some cases, a larger share of underwriting fees.

Goldman Sachs being listed first on the cover means it will play the most central coordinating and leading role in the entire underwriting process. Morgan Stanley, as a co-lead underwriter, will also hold an important position in this historic transaction. Bank of America, Citigroup, and JPMorgan Chase will be listed behind the two leaders in alphabetical order. According to sources, discussions are still ongoing and deal details may change.

In addition to the five core lead underwriters, the deal has attracted numerous international investment banks, making the underwriting syndicate as large as the transaction itself.

Bloomberg previously reported that Citigroup joined the lead underwriting group in March this year, co-heading the issuance with the other four institutions. In terms of regional division, Barclays is responsible for collecting stock orders in the UK market, Deutsche Bank and UBS handle the European market, Royal Bank of Canada covers Canada, Mizuho Financial Group is in charge of Asia, and Macquarie Group will focus on the Australian market.

Valuation and Size Set to Easily Break Records

The potential scale of SpaceX’s IPO has attracted widespread attention. The offering aims to raise as much as $75 billion, with the company’s valuation expected to exceed $2 trillion.

For reference, Saudi Aramco’s $29.4 billion raised in its 2019 IPO was long considered the world’s largest IPO on record. If SpaceX’s fundraising target is achieved, it will shatter this record by a landslide.

SpaceX’s business covers rocket launches, satellite internet, and artificial intelligence, among other fields. Once listed, this IPO will not only become a landmark event in capital markets but also bring unprecedented underwriting fee income to Wall Street investment banks involved.

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