24H | Space ETFs Jump with DXYZ, VCX up Around 3%. SpaceX Lines up 21 Banks for Mega IPO, Code-Named Project Apex

SpaceX is working with at least 21 banks on its blockbuster initial public offering, people familiar ​with the matter said on Tuesday, one of the largest underwriting ‌syndicates assembled in recent years.

Space stocks and ETFs jumped in overnight trading. Virgin Galactic up over 6%; DXYZ, VCX up around 3%; Planet Labs up 2%; Ondas Holdings, EchoStar, BKSY up over 1%.

The listing, internally codenamed Project Apex, is expected to be among the most closely watched stock market debuts on Wall Street. The public offering, ​expected in June, is estimated to value the rocket company controlled ​by founder and CEO Elon Musk at $1.75 trillion.

Morgan Stanley, Goldman ⁠Sachs, JPMorgan Chase, Bank of America and Citigroup are serving as active ​bookrunners, or the lead banks managing the deal, the people said, asking not ​to be identified because the process is not public. A further 16 banks have signed on in smaller roles, they added.

About half of the banks' names have not previously ​been reported.

The size of the syndicate underscores the scale and complexity of ​the planned offering.

The banks are expected to take on roles in institutional, high-net-worth and retail investor channels as well as in different geographic regions, Reuters previously reported.

The plan is subject to change and ​additional banks could ​still be added, ⁠the sources said.

Texas-based SpaceX did not immediately respond to a request for comment. Bank of America, Barclays, Deutsche Bank, ​Goldman Sachs, JPMorgan, Mizuho, Santander and Wells Fargo declined to ​comment. ⁠The other banks did not immediately respond to requests for comment.

Large IPO syndicates have become more common for mega deals in recent years.

Chip designer ARM Holdings worked with ​close to 30 banks on its 2023 ​listing, while Alibaba Group assembled a similarly large group of underwriters for its record-breaking 2014 debut.