Goldman Sachs Stock Gains Premarket: What's The SpaceX Connection?

• SpaceX’s IPO prospectus is expected to be made public as soon as Wednesday, as per the report. 
• Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase will also serve as bankers on the listing.
• Elon Musk’s SpaceX offering is likely to target a raise of about $75 billion ‌at ⁠a record $1.75 trillion valuation.

Shares of Goldman Sachs Group, Inc. (GS) edged 0.7% higher in Wednesday’s premarket trade, gearing up to reverse three days in the red, on reports that the investment bank is SpaceX’s pick as the lead underwriter for the rocket and satellite company’s massive initial public offering.

According to a CNBC report, the bank has secured the most senior and prominent role among all the underwriters for Elon Musk's massive public listing. Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase will also serve as bankers on the IPO prospectus, which is expected to be made public as soon as Wednesday.

SpaceX IPO

Musk’s SpaceX offering is likely to target a raise of about $75 billion ‌at ⁠a record $1.75 trillion valuation, making it the biggest public listing in history.

Only two other technology companies, namely Meta Platform’s (META) Facebook and China’s Alibaba (BABA), have garnered valuations nearing $100 billion after their first day of trading on U.S. markets.

Musk’s last public listing of Tesla Inc. (TSLA) back in 2010 debuted at a market capitalization of $1.7 billion at the time. Goldman was the lead on Tesla’s offering as well, alongside Morgan Stanley, JPMorgan, and Deutsche Bank.

GS Stock: Retail Stance

On Stocktwits, retail sentiment around GS stock slipped from ‘neutral’ to ‘bearish’ over the past 24 hours, amid ‘normal’ message volume.

One bullish user cheered the announcement, saying, “Announced tonight is that GS has left left on the SpaceX ipo...GS up $6/share after that hit the wire…”

GS shares have rallied more than 53% in the past 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.