SpaceX's $85.7bn listing handed Wall Street banks a second-quarter fee windfall

The fee windfall big banks booked from the SpaceX listing was reported by Nathan Place and Jasmine Ni at American Banker. SpaceX closed the offering on June 15. It raised $85.7bn across 638,888,888 Class A shares, the largest IPO on record. Goldman Sachs was lead-left bookrunner, and JPMorgan Chase and Bank of America were joint bookrunners. Goldman reported second-quarter investment banking fees of $3.40bn, up 55 percent from a year earlier, with equity underwriting revenue up 130 percent. Bank of America's investment banking fees rose to $2.1bn, from $1.4bn. American Banker reported that US IPO proceeds more than doubled from the second quarter of 2025, and that bank executives flagged possible recalibration over the next six to 18 months.