Elon Musk-led SpaceX has reportedly selected investment bank Goldman Sachs Group Inc. (NYSE:GS) as the lead underwriter for the commercial space flight company’s upcoming IPO.

Goldman Sachs Secures Key Position

On Tuesday, Reuters reported that Goldman was selected as the bank to lead the IPO, citing anonymous sources familiar with the matter. The report also said that both Goldman and investment bank Morgan Stanley (NYSE:MS) would be leading the IPO.

Bank of America Corp (NYSE:BAC), Citigroup Inc. (NYSE:C) and JPMorgan Chase & Co. (NYSE:JPM) are also among the leaders in the IPO, the report said, adding that SpaceX could release its IPO prospectus on Wednesday.

SpaceX and Goldman Sachs didn’t immediately respond to Benzinga‘s request for comment.

BlackRock On SpaceX IPO

The IPO, which is touted to be among the largest initial public offerings of all time, has targeted raising over $75 billion via the listing. BlackRock Inc. (NYSE:BLK) is considering a multi-billion-dollar investment in the upcoming IPO, with the company reportedly targeting investing $5 billion and $10 billion.

Musk had earlier confirmed that the company would be targeting a valuation of $1.75 trillion in the June IPO, with the company’s shares to reportedly be listed on the Nasdaq. Nasdaq also announced a series of rule changes that could expedite SpaceX’s entry into the Nasdaq 100 index.

SpaceX IPO Structure Draws Ire

SpaceX’s dual-class share structure for the IPO has drawn criticism and concern from pension leaders like New York City and State’s comptrollers, as well as the CEO of the California Public Employees' Retirement System (CalPERS). The officials have accused SpaceX of incorporating a “management-favorable governance structure.”

The leaders also flagged concerns with CEO compensation packages for Musk from SpaceX and Tesla Inc. (NASDAQ:TSLA), saying that it could lead to competition between the two companies.

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