Goldman Sachs CEO David Solomon Slides Into Elon Musk DMs Over SpaceX IPO Battle

Goldman Sachs Group Inc. is intensifying its push to secure a leading role in the planned initial public offering of SpaceX, as global investment banks compete for what could become one of the largest listings in market history. The offering is reported to be targeting a valuation above $2 trillion while raising about $75 billion, which would significantly surpass previous IPO records.

According to people familiar with the matter, Goldman Sachs CEO David Solomon, working alongside senior staff, directly reached out to Elon Musk via direct messages on X, the social media platform owned by Musk. The outreach was part of Goldman’s broader effort to position itself prominently in the deal, underscoring how investment banks increasingly use informal and direct communication channels to win high-profile mandates.

The competition for the IPO leadership has been especially intense, with Goldman and Morgan Stanley among the leading contenders. Both firms are expected to play major roles, with internal documents suggesting they may be co-leads listed alphabetically. Still, securing the “lead-left” position remains highly prized, as it often brings higher fees, stronger visibility, and long-term prestige in future capital markets deals.

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Goldman’s pursuit also reflects its long-standing but uneven relationship with Musk and his companies. While Morgan Stanley has traditionally been viewed as more closely aligned with Musk—particularly through its role in financing his acquisition of X—Goldman has remained active across Musk-related ventures, including advisory work tied to major transactions and capital planning.

Musk’s business dealings with Wall Street have frequently involved shifting alliances. During the controversial “funding secured” episode involving Tesla Inc. in 2018, Goldman was briefly referenced in connection with financing plans that later became unclear, while Morgan Stanley played a central role in Musk’s eventual purchase of X in 2022. That deal exposed banks to significant risk as debt markets initially resisted absorbing the financing, though exposure was later reduced as conditions stabilized.

Beyond banking rivalries, SpaceX has grown into a dominant force in the space industry, supported by major government contracts and expanding commercial operations. The company’s potential listing is expected to be a landmark event for capital markets, drawing global attention from investors and policymakers. The episode also highlights how senior executives, including Solomon—who has occasionally experimented with public-facing social media engagement—are adapting dealmaking strategies to an increasingly personality-driven financial landscape.

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