Copy FILE PHOTO: SpaceX's logo and an Elon Musk photo are seen in this illustration | Photo Credit: Dado Ruvic SpaceX has added Citigroup Inc. to the banks leading its initial public offering, according to people familiar with the matter, as billionaire Elon Musk’s rocket and satellite company moves closer to a blockbuster debut. The bank would join Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley, which have been lined up for senior roles on the IPO, people with knowledge of the details have said. SpaceX is targeting filing confidentially for the IPO as soon as this month, and could seek a valuation of more than $1.75 trillion in the listing, Bloomberg News reported earlier. The listing is expected to raise as much as $50 billion, which would make it the biggest IPO of all time. SpaceX has also picked more banks to work on the deal, the people said. Barclays Plc, Deutsche Bank AG and UBS Group AG have been selected to work on the offering, the people said, asking not to be identified because the information isn’t public. Royal Bank of Canada and Mizuho Financial Group Inc. are also on the IPO, some of the people said. Deliberations are ongoing, details could change and other banks are expected to be added to the lineup, the people said. Spokespeople for Barclays, Citigroup, Deutsche Bank, Mizuho and UBS declined to comment. Representatives for SpaceX and RBC didn’t immediately respond to requests for comment. At $50 billion, the IPO would eclipse the current record holder, Saudi Aramco’s $29 billion debut in 2019. SpaceX acquired Musk’s artificial intelligence startup xAI in a February deal that valued the enlarged entity at $1.25 trillion. The roughly $17.5 billion of debt tied to Musk’s social media network X and artificial intelligence startup xAI is set to be paid back in full, people with knowledge of the matter have said. The company’s Starlink is the largest single satellite network in the world, with nearly 10,000 satellites currently in orbit around Earth, and is expected to bring in $9 billion of revenue for SpaceX in 2026, according to Bloomberg Intelligence. SpaceX expects to start launching its larger, more powerful Starlink satellites in mid-2027. The initiative will rely on its massive new Starship rocket, which is still in development after suffering a rocky year of testing in 2025. The company anticipates launching its next Starship test flight — which is meant to debut a new, more capable version of the rocket — as soon as this month. More stories like this are available on bloomberg.com ©2026 Bloomberg L.P.