The SpaceX IPO Just Handed Wall Street's Big Banks a Huge Payday. Here's What It Means for Their Stocks.

SpaceX's $75 billion IPO generated a record $560 million in underwriting fees for investment banks, despite a lower 0.75% fee rate. The IPO was four times oversubscribed, resulting in $86 billion in actual proceeds. With upcoming IPOs from OpenAI and Anthropic expected, investment banking activity is surging, boosting performance for major banks like Goldman Sachs and Morgan Stanley, though consumer banks face headwinds from higher interest rates.