Wall Street’s top investment banks are battling for what could be the largest IPO in history as Elon Musk’s rocket company, SpaceX (SPACE), prepares to go public.
SpaceX is accelerating its efforts to go public amid a rush by companies to build AI data centers and put them in space, the Wall Street Journal reported on Wednesday.
Morgan Stanley (MS) holds the strongest position with approximately 91% odds on Kalshi prediction markets, followed closely by Goldman Sachs (GS) at 90%. Bank of America (BAC) (78%), JPMorgan Chase (JPM) (70%), and Citigroup (C) (61%) round out the competition.
Morgan Stanley’s advantage stems from its 15-year relationship with CEO Elon Musk. The bank took Tesla (TSLA) public in 2010 and financed Musk’s Twitter acquisition in 2022. Former Morgan Stanley bankers now hold key positions across Musk’s companies, including the CFO of xAI and the head of Musk’s family office.
Goldman Sachs remains competitive, having co-led Tesla’s IPO and recently executing Medline’s $7.2 billion offering in 2025.
SpaceX aims to raise over $25 billion in 2026 to fund orbital AI data centers and accelerate Starship development. CFO Bret Johnsen announced IPO preparations in December 2025, with Musk targeting completion by July 2026.