SpaceX's $75 billion IPO, the largest in history, priced at $135 per share, valuing the company at $1.77 trillion. The underwriting fee of approximately $500 million represents just 0.7% of the deal, the lowest rate ever for a mega-IPO. Goldman Sachs and Morgan Stanley led the syndicate, each earning about $100 million, while Bank of America, Citigroup, and JPMorgan Chase each took around $75 million. The greenshoe option of $11 billion was negotiated at zero fee. Despite the slim margins, the deal attracted over $350 billion in orders, with BlackRock alone seeking $5 billion. Banks accepted the low fee due to trophy status, league-table positioning, and potential future business from Elon Musk's companies. The IPO surpassed Saudi Aramco's 2019 record and saw shares rise 19% on the first day, giving SpaceX a market cap above $2 trillion.

Key facts

• SpaceX raised $75B in the largest IPO ever, priced at $135 per share.
• Underwriting fee pool of $500M is just 0.7%, the lowest rate for a mega-IPO.
• Goldman Sachs and Morgan Stanley each earned $100M; BofA, Citi, JPM got $75M each.
• Greenshoe option of $11B was negotiated with zero fee.
• Order book exceeded $350B, with BlackRock alone seeking $5B.