Inside SpaceX's IPO: Goldman Sachs Takes Lead-Left, Morgan Stanley Runs Retail Allocation Across 23 Banks
Goldman Sachs secured the coveted lead-left spot on SpaceX's IPO, while Morgan Stanley handles stock stabilization and retail share allocation through Robinhood, SoFi, and Schwab. The $75B deal, with 23 banks involved, would shatter Aramco's 2019 IPO world record.
- Goldman Sachs leads SpaceX's $75B IPO as lead-left bookrunner; Morgan Stanley handles stock stabilization and retail allocation via Robinhood, SoFi, and Schwab across 23 banks
Goldman Sachs landed the coveted 'lead left' role on SpaceX's IPO, while Morgan Stanley handles stock stabilization and retail investor allocation through E*Trade, Schwab, Fidelity, Robinhood, and SoFi. The $75B deal would shatter Aramco's 2019 IPO world record.
SpaceX's preliminary S-1 filing, released May 21, 2026, revealed the lineup of Wall Street banks behind what could be the largest IPO in history. Goldman Sachs (GS) and Morgan Stanley (MS) serve as co-lead underwriters, with a total of 23 investment banks participating. The offering is targeting a $75 billion raise — nearly three times the $26 billion world record set by Saudi Aramco in 2019.
Goldman Sachs — securing Wall Street's most coveted 'lead left' role
Goldman Sachs appears first in the filing, claiming the prestigious 'lead left' position — the highest-status and most lucrative role in any IPO. The lead left bank oversees all bookrunning ahead of the listing, leads the drafting of the regulatory filing, and ultimately controls share allocation on day one. In a deal of this scale — targeting a valuation above $1 trillion — the lead left mandate is arguably Goldman's most significant win of 2026.
Morgan Stanley — stabilization agent and retail share gatekeeper
Morgan Stanley plays a dual role: acting as stabilization agent (supporting the stock price in early trading through market purchases or short positions) and running the Directed Share Program for retail investors. That means everyday investors will be able to access SpaceX IPO shares through E*Trade, Charles Schwab (SCHW), Fidelity, Robinhood (HOOD), and SoFi (SOFI). Elon Musk is reportedly targeting as much as 30% of the offering for retail investors — roughly three times the normal allocation in a U.S. IPO.
- Goldman Sachs: Lead left — bookrunning, filing, day-one allocation
- Morgan Stanley: Stabilization agent + Directed Share Program
- Retail platforms: E*Trade, Charles Schwab, Fidelity, Robinhood, SoFi
- Total underwriting banks: 23
- Retail allocation: up to 30% (3x typical IPO)
$800M–$1B+ in banker fees — the biggest payday in IPO history
Yahoo Finance estimates the total banker fee pool at $800 million to over $1 billion, based on the deal size. If the $75 billion offering proceeds, it would smash the 2019 Saudi Aramco IPO ($26 billion) to become the largest IPO in history. SpaceX plans to use proceeds to fund Starlink satellite internet expansion and next-generation Starship development.
Frequently Asked Questions
What does Goldman Sachs's 'lead left' role mean?
'Lead left' is the most prestigious underwriting position in an IPO. The lead left bank oversees all bookrunning (tracking institutional demand), leads the regulatory filing drafting, and controls share allocation on listing day. It carries the most responsibility and commands the largest share of underwriting fees.
How can retail investors participate in the SpaceX IPO?
Through Morgan Stanley's Directed Share Program, retail investors can apply for shares via E*Trade, Charles Schwab, Fidelity, Robinhood, and SoFi. Elon Musk has reportedly targeted up to 30% of the offering for retail investors — three times the normal retail allocation in a U.S. IPO.
How big is the SpaceX IPO?
The offering targets a $75 billion raise, which would nearly triple the 2019 Saudi Aramco IPO ($26 billion) — the current world record. Banker fees alone are estimated at $800 million to over $1 billion.
What is Morgan Stanley's role as stabilization agent?
As stabilization agent, Morgan Stanley is responsible for supporting the stock price in early post-IPO trading. It can buy shares in the open market if the price falls below the IPO price, or use short positions to dampen excessive volatility if the stock surges. This role aims to ensure an orderly debut.
What will SpaceX use IPO proceeds for?
SpaceX plans to use proceeds to fund Starlink satellite internet expansion and next-generation Starship development. Starlink subscription revenue is already the primary driver of SpaceX's growth and profitability.
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