SpaceX Plans $1.75 Trillion IPO in June

SpaceX, the rocket company led by Elon Musk, is preparing for an initial public offering in June that could value it at $1.75 trillion, according to people familiar with the matter. The listing, known internally as Project Apex, involves one of the largest groups of underwriters assembled in recent years, with at least 21 banks participating.

The five lead bookrunners managing the deal include Morgan Stanley, Goldman Sachs, JPMorgan Chase, Bank of America and Citigroup. An additional 16 banks have joined in supporting roles, including Allen & Company, Barclays, Brazil's BTG Pactual, Deutsche Bank, ING Groep of the Netherlands, Macquarie, Mizuho, Needham & Company, Raymond James, Royal Bank of Canada, Societe Generale, Banco Santander, Stifel, UBS, Wells Fargo and William Blair. About half of these institutions had not been previously identified in connection with the offering. The banks will handle distribution across institutional, high-net-worth and retail investor channels, as well as various geographic regions, though the arrangement remains subject to change and more banks could be added.

The scale of the syndicate reflects the offering's anticipated complexity and investor...