Elon Musk’s SpaceX is said to have added Citigroup to IPO bank line-up

Core Insights - SpaceX is moving closer to its initial public offering (IPO) by adding Citigroup Inc. to its list of banks leading the offering, alongside Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley [1] - The company is targeting a valuation of over $1.75 trillion and aims to raise up to $50 billion, which would set a record for the largest IPO in history [2][4] Group 1: IPO Details - SpaceX plans to file confidentially for the IPO as soon as this month [2] - Additional banks, including Barclays, Deutsche Bank, and UBS, have been selected to work on the IPO, with Royal Bank of Canada and Mizuho Financial Group also involved [3] - The IPO is expected to surpass the previous record held by Saudi Aramco's $29 billion debut in 2019 [4] Group 2: Financial Position and Revenue Projections - SpaceX's acquisition of Musk's AI startup xAI valued the combined entity at $1.25 trillion, with $17.5 billion of debt related to Musk's social media network X and xAI expected to be repaid in full [5] - The Starlink satellite network, the largest single satellite network globally with nearly 10,000 satellites, is projected to generate $9 billion in revenue for SpaceX by 2026 [6] Group 3: Future Developments - SpaceX anticipates launching larger, more powerful Starlink satellites by mid-2027, relying on the new Starship rocket, which is still under development [7] - The next test flight of the Starship, designed to debut a more capable version of the rocket, is expected to occur as soon as this month [7]