SpaceX is negotiating with banks to underwrite a planned $75 billion IPO,
seeking an underwriting fee below 0.75%. Even at that rate banks could still
earn roughly $500 million from record first-day aftermarket trading. Co-leads
Goldman Sachs and Morgan Stanley are set to take larger shares of the fee pool.
The cited figures are base fees and exclude discretionary incentive payments.
For context, banks typically charge 4–7% on IPOs (average deal size under $1
billion); fees fall materially on very large deals but usually remain above 1%.
