SpaceX launches IPO process, seeks advice from Wall Street investment banks

SpaceX executives are starting to pick Wall Street banks to advise on its initial public offering (IPO), according to people familiar with the matter. The investment bank is scheduled to make an initial presentation next week, representing the rocket maker's most concrete step toward what could be a blockbuster IPO, the people said. SpaceX told employees on Friday that the company was preparing for a possible public offering next year. Earlier this month, the Wall Street Journal reported that SpaceX was also seeking a secondary stock sale that valued the company at about $800 billion, up from $400 billion this summer.