Gibson Dunn and Davis Polk have been confirmed as the lead law firms on what is set to become the largest listing in history – SpaceX’s US IPO.
SpaceX, Elon Musk’s aerospace and AI company, has filed its prospectus with the US Securities and Exchange Commission ahead of the IPO, revealing full details of the much-anticipated listing.
The IPO is expected to raise as much as $75bn, making it the largest of all-time, and would value SpaceX at around $1.75trn, setting Musk on course to become the world’s first trillionaire.
The listing is set to dwarf other landmark IPOs, with oil giant Saudi Aramco’s $29bn listing in 2019 the largest to date.
Gibson Dunn is advising SpaceX, with a team led by Houston-based capital markets co-chair Hillary Holmes and M&A practice group co-chair George Sampas, who splits his time between New York and Miami.
The US firm’s team also includes Houston corporate partners Atma Kabad and Harrison Tucker.
Davis Polk is advising the underwriters, which are led by Goldman Sachs, alongside an array of other banks including Morgan Stanley, JP Morgan, Deutsche Bank, UBS, and Barclays.
The Davis Polk team includes capital markets partners Byron Rooney and Stephen Byeff in New York, as well as Alan Denenberg in the firm’s Northern California office.
Earlier this year SpaceX combined with Musk’s xAI, creating a $1.25trn company. Gibson Dunn also acted for SpaceX on that merger, with Sampas and Holmes co-leading with Dallas-based M&A co-chair Robert Little.
The firm has a strong history working with Musk’s aerospace endeavour, as it advised SpaceX on its $17bn acquisition of EchoStar in September 2025, also led by Little and Sampas.
Sullivan & Cromwell acted for xAI on the combination, led by Palo Alto co-managing partner and head of tech M&A Mike Ringler, as well as M&A partner Peter Jones.
