SpaceX just pulled off the largest IPO ever recorded, raising $75 billion at a valuation north of $1.8 trillion. And JPMorgan thinks the market is sleeping on what that means for the banks that made it happen.
The aerospace giant priced shares at $135 each on June 11, offering roughly 555.6 million shares to eager investors. A syndicate of 23 banks shepherded the deal to market, with Goldman Sachs leading the pack and JPMorgan among the five joint bookrunners. The underwriting fees alone could reach up to $1 billion, even with compressed fee structures reportedly hovering around 0.75%.
JPMorgan’s argument is straightforward: investors are overlooking the revenue boost that mega IPOs like this deliver to Wall Street’s biggest players.
The Wall Street money machine behind the deal
A $75 billion raise dwarfs anything the public markets have seen before. For context, Saudi Aramco’s 2019 IPO raised about $25.6 billion, which held the record until now. SpaceX tripled that number in a single offering.
