Banks underwriting the initial public offering of SpaceX are expected to collect approximately $500 million in fees [1].
The scale of the offering and the aggressive negotiation of fees reflect the company's immense market leverage as it transitions to a public entity.
SpaceX is targeting a raise of $75 billion [1]. To manage costs, the company has negotiated to keep underwriting fees below 0.75% of the total deal [4]. The resulting fee pool represents roughly 0.7% of the total amount raised [2].
Goldman Sachs and Morgan Stanley are serving as lead underwriters for the process. People familiar with the matter said the two firms are each set to earn roughly $100 million in fees [3].
While the lead banks are securing significant payouts, the arrangement is less favorable for smaller participants. Junior banks are being placed into marketing roles with minimal fees [5]. This structure ensures the primary financial heavy lifting is handled by the largest institutions, while SpaceX limits its overall expenditure.
Reports indicate that the company has driven a hard bargain with its financial partners ahead of the June 2026 IPO period [1, 6]. This approach to fee capping is atypical for offerings of this magnitude, where banks often command higher percentages of the raise.
“Goldman Sachs and Morgan Stanley are each set to earn roughly $100 million in fees.”
The negotiation of a sub-0.75% fee rate demonstrates SpaceX's significant bargaining power over Wall Street. By capping the fee pool at $500 million for a $75 billion raise, the company is treating the IPO more as a formality for liquidity than a desperate need for capital, forcing banks to accept lower margins in exchange for the prestige of managing one of the largest offerings in history.
