SpaceX, Elon Musk’s rocket-and-satellite company, has engaged Gibson Dunn as its legal representative in preparation for its initial public offering (IPO). Simultaneously, the banks underwriting the deal have selected Davis Polk & Wardwell for their legal counsel. These appointments mark a significant step for SpaceX as it moves closer to a public listing. Sources familiar with the plans have indicated that a confidential filing could occur as early as this month. SpaceX is a leading aerospace manufacturer and space transportation services company. It aims to revolutionise space technology, with the ultimate goal of enabling humans to live on other planets.
A successful IPO for SpaceX, with a potential valuation of $1.75 trillion, would be one of the most lucrative public offerings. It would also give public investors the first opportunity to invest in Musk’s space company. SpaceX has reportedly been interviewing banks, including Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, to take on leading roles in the IPO. The company acquired Musk’s privately owned social media and artificial intelligence company xAI in early February, bringing rockets, Starlink satellites, the X social media platform, and Grok AI chatbot under one umbrella.
Gibson Dunn previously advised SpaceX on its acquisition of xAI. Davis Polk, based in New York, has a strong track record, having worked on major U.S. IPOs, including Uber and Arm Holdings. The firm has also ranked highly in capital markets league tables from Bloomberg and LSEG. There is growing anticipation for IPOs this year, particularly from AI companies like Anthropic and OpenAI. Wilson Sonsini Goodrich & Rosati is reportedly advising Anthropic, while Cooley and Wachtell, Lipton, Rosen & Katz are working with OpenAI.
SpaceX, Gibson Dunn, and Davis Polk have not yet released any comments regarding these developments.
