史上最大IPO，有新进展

Core Viewpoint - Morgan Stanley is expected to become the lead underwriter for SpaceX's initial public offering (IPO), leveraging its long-standing relationship with CEO Elon Musk, although the selection process is still ongoing and not finalized [4][5]. Group 1: IPO Details - The IPO selection process, referred to as "bake-off," involves several investment banks, including Morgan Stanley, Goldman Sachs, and JPMorgan Chase, competing for underwriting roles [4]. - Elon Musk has a long history with Morgan Stanley, dating back at least 15 years, making it a strong contender for the lead left underwriter position [4]. - The decision on the lead underwriter may be made by the end of the year, with the complete underwriting team to be finalized afterward [4]. Group 2: SpaceX's IPO Plans - SpaceX is preparing for a potential IPO in 2026, with a target valuation of $1.5 trillion and plans to raise over $25 billion, which could make it one of the largest IPOs in history [6]. - The CFO of SpaceX, Bret Johnsen, indicated that there is significant uncertainty regarding the timing and valuation of the IPO, but if executed well, it could raise substantial funds [6]. - The decision to go public comes as a surprise to some market participants, as Musk has historically preferred to keep SpaceX private; however, the company's increasing valuation and the success of its Starlink satellite internet business have shifted this strategic thinking [7]. Group 3: SpaceX's Business Operations - SpaceX is recognized as the largest private company globally, known for its rocket launch services and now also as the largest satellite operator through its Starlink network, which consists of nearly 10,000 satellites providing broadband internet services [7].