Goldman Sachs, Morgan Stanley to collect about $100m each from SpaceX IPO underwriting fees

Goldman Sachs and Morgan Stanley are expected to each collect approximately $100 million in underwriting fees from SpaceX’s historic initial public offering (IPO), according to a filing and sources familiar with the matter. The total fee pool for the IPO is estimated at around $500 million, representing 0.7% of the $75 billion in capital SpaceX aims to raise. As the two lead underwriters, Goldman and Morgan Stanley will collectively capture 40% of the fee pool.

The IPO, which is expected to be one of the largest in history, includes 23 investment banks participating in the underwriting process. Goldman Sachs holds the prestigious “lead left” position, granting it a prominent role in advising and underwriting the offering, including overseeing bookrunning and share allocations. Morgan Stanley, meanwhile, is serving as the stabilization agent and is managing the directed share program for retail investors. The offering could also allocate up to 30% of shares to everyday investors, significantly higher than the typical IPO allocation.