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Morgan Stanley

is emerging as a leading contender for a key role in SpaceX’s blockbuster initial public offering, as the bank’s close ties to CEO Elon Musk give it an edge in his decision, according to three people familiar with the matter.

A selection process, or “bake-off,” for the IPO is still underway, with a select group of banks, including Morgan Stanley, Goldman Sachs

and JPMorgan