“For now, five banks are expected to work on the [SpaceX initial public] offering—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. The law firms Gibson Dunn and Davis Polk are also advising on the deal,” the NYT wrote.

We contacted SpaceX today and will update this article if it provides any comment.

Banks to get big fees

The NYT notes that when there is a major IPO, “banks find ways to ingratiate themselves with the company going public, as well as its chief executive.” The SpaceX offering may end up being the biggest IPO of all time.

“The IPO is expected to raise more than $50 billion at a valuation above $1 trillion, which means the banks could generate fees in excess of $500 million for advising on the deal,” the NYT wrote.

Those fees could be even larger, based on a Bloomberg report yesterday that SpaceX boosted its target valuation to more than $2 trillion. That would be a big increase over the $1.25 trillion valuation reported in connection with the SpaceX/xAI merger two months ago.

Musk’s car company, Tesla, has a market capitalization of over $1 trillion. Musk recently obtained a pay package that would give him $1 trillion over the next decade if Tesla hits an $8.5 trillion market capitalization and meets other goals.