Goldman Sachs has secured the top spot in SpaceX's IPO, and is expected to receive the largest share of the $500 million underwriting fees.

According to Mars Finance, on May 21, SpaceX announced that it has selected Goldman Sachs to participate in its record-breaking IPO, based on its prospectus filed on Wednesday. This deal is expected to generate substantial financial gains and potentially help SpaceX secure a lead underwriter position in several recent high-profile IPOs, including those of OpenAI and Anthropic. SpaceX's IPO is projected to be the largest in history, with the company valued at $1.25 trillion in its latest acquisition. Goldman Sachs will serve as the highly significant "left-hand lead underwriter" in the IPO prospectus, and is expected to dominate the final share allocation, pricing, and valuation, receiving the largest share of the underwriting fees. Matt Kennedy, senior IPO strategist at Renaissance Capital, stated that executing a deal of this scale is likely to be extremely complex, but also incredibly lucrative. Sources indicate that SpaceX's IPO is expected to be at least double the size of Alibaba's $25 billion IPO in 2014, when the latter paid $300.4 million in commissions to underwriters, approximately 1.2% of the total deal size. Other large IPOs (such as Meta's 2012 listing and Uber's 2019 listing) also had underwriting fees slightly above 1%. Using the same ratio, SpaceX's IPO could generate over $500 million in underwriting fees. For reference, Goldman Sachs' total revenue from equity underwriting business in the last quarter was $535 million. (Jinshi)