SpaceX has added Citigroup to its initial public offering banking team, joining Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley as senior underwriters, according to people familiar with the matter. The rocket and satellite company is targeting a confidential IPO filing as soon as this month, with a potential valuation exceeding $1.75 trillion and a $50 billion fundraising target.

Beyond the core underwriting team, Barclays, Deutsche Bank, UBS, Royal Bank of Canada, and Mizuho Financial Group have also been selected to work on the offering. The company's recent acquisition of Elon Musk's artificial intelligence startup xAI in a $1.25 trillion deal has created a massive entity with ambitious plans. The $17.5 billion debt tied to Musk's social media network X and xAI is set to be fully repaid.

SpaceX's Starlink satellite network, currently the world's largest with nearly 10,000 satellites in orbit, is projected to generate $9 billion in revenue by 2026, according to Bloomberg Intelligence. The company anticipates launching more powerful Starlink satellites in mid-2027 using its massive Starship rocket, which is still in development following a challenging 2025 testing period. The IPO, if successful, would surpass Saudi Aramco's $29 billion 2019 debut as the largest ever.