Gibson Dunn, Davis Polk score lead roles as SpaceX files for mega IPO

Gibson Dunn and Davis Polk are advising on SpaceX’s blockbuster IPO, a deal expected to become the largest public offering in history.

Elon Musk’s rocket company filed its long-awaited prospectus with US securities regulators on Wednesday ahead of a Nasdaq listing expected next month.

While the company did not disclose the size of the offering or its proposed valuation, SpaceX is reportedly eyeing a valuation of roughly $1.75 trillion and looking to raise around $75 billion.

If achieved, the float would comfortably surpass Saudi Aramco’s 2019 IPO - led by White & Case and Latham - which raised $25 billion and currently holds the record as the world’s largest listing.

Gibson Dunn is acting for SpaceX with a four-partner team listed on the filing led by New York and Miami-based M&A co-chair George Sampas and Houston partners Hillary Holmes, co-chair of the firm’s capital markets practice group, Atma Kabad and Harrison Tucker.

Davis Polk is advising the banks. The filing lists capital markets partners Byron Rooney, Alan Denenberg, Stephen Byeff and counsel Joze Vranicar.

Wall Street’s biggest IPO

The IPO is expected to become one of the defining capital markets mandates ever, with many of Wall Street’s top banks securing underwriting roles on the transaction.

The offering is being led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan, with Goldman securing the top billing on the prospectus.

The mandate continues Gibson Dunn’s close relationship with SpaceX and Elon Musk’s broader business empire.

Earlier this year, the firm advised SpaceX on its acquisition of Musk’s AI company xAI. Last year, it also acted on SpaceX’s $17 billion acquisition of spectrum licences from Echostar for its Starlink satellite business.