SpaceX Prepares Mega IPO, Morgan Stanley Leads Race

According to Reuters, Morgan Stanley has emerged as the leading contender to head the underwriting syndicate for SpaceX’s anticipated initial public offering (IPO). The aerospace company is preparing for a potential listing as early as 2026, although timing remains flexible.

Why Morgan Stanley has the edge

While no final decision has been announced, Morgan Stanley’s long-standing relationship with SpaceX CEO Elon Musk is seen as a major competitive advantage. That relationship spans more than 15 years and gives the bank deeper familiarity with Musk’s business style and long-term ambitions than rivals such as Goldman Sachs or JPMorgan.

Morgan Stanley was involved in Tesla’s 2010 IPO alongside Goldman Sachs and JPMorgan, giving it early exposure to Musk-led public offerings. It also advised Musk on his 2022 acquisition of Twitter, now known as X. One banker from that transaction later became chief financial officer of Musk’s AI company xAI, further strengthening institutional ties.

Another former Morgan Stanley banker, Jared Birchall, now leads Excession, the family office that manages Musk’s personal assets and advisory network. These overlapping relationships have helped position Morgan Stanley as a trusted partner within Musk’s inner circle.

Why the IPO matters

IPO proceeds would likely be used to accelerate development of the Starship rocket program, expand satellite infrastructure, explore AI-enabled data processing in orbit, and fund long-term initiatives such as lunar exploration.

A SpaceX IPO could raise more than $25 billion, setting new benchmarks for valuation, scale, and investor appetite. These benchmarks often influence how other high-growth sectors approach public markets, including travel platforms and space-adjacent mobility technologies that monitor major tech IPOs for pricing and timing signals.

Read our explainer on Navan’s IPO to learn about one of the most notable public listings in travel this year.

Photo by Sven Piper on Unsplash