SpaceX Files for IPO: A Potential $1.75 Trillion Valuation and Record-Breaking Raise

SpaceX just filed for an IPO that could be the largest in history.
$1.75 trillion valuation. $75 billion raise. Saudi Aramco Total Refining and Petrochemical Company (SATORP) made $25 billion in 2019, and that’s the current record. SpaceX wants to triple it.

So what’s an IPO?

It’s when a private company sells shares to the public for the first time. SpaceX has been private for over 20 years. Going public means anyone can buy a stake, but it also means disclosures, audited accounts, and regulatory scrutiny from day one.

So how does this actually work?

SpaceX is set to list on Nasdaq. To do that, you need lawyers on both sides: the company side and the bank side.

Gibson Dunn is advising SpaceX. Their job is to get the prospectus right, the document that tells investors everything about the business before they put money in: financials, risks, governance, all of it. This isn’t a new relationship either. Gibson Dunn already advised SpaceX on its acquisition of xAI and a $17 billion Starlink spectrum deal before this.

Davis Polk & Wardwell LLP Polk is advising the banks. Goldman Sachs, Morgan Stanley, Bank of America, Citi, and J.P. Morgan are underwriting the deal, meaning they’re guaranteeing the shares are sold. Davis Polk is making sure they’re protected legally when they do.

We’re breaking this down in full in this week’s briefing. Every week, we recap the biggest commercial stories and law firm news students actually need for applications.

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