Goldman Sachs and Morgan Stanley are each set to earn $100 million in fees for managing the SpaceX initial public offering (IPO), according to a report by the Wall Street Journal. The substantial fee allocation underscores the high stakes involved in the much-anticipated market debut of the space exploration company.

The Wall Street Journal disclosed the fee arrangement in its live coverage of the SpaceX IPO on June 12, 2026. The report highlights the pivotal roles both financial institutions will play as lead underwriters for the offering.

The $100 million fee per bank reflects the scale and complexity of the transaction, positioning SpaceX's IPO as a major event in the financial markets. The involvement of top-tier investment banks signals strong investor interest in the company's future prospects.

The fee structure is detailed in the table below:

The IPO is expected to be one of the largest in recent years, drawing significant attention from global investors. The allocation of fees to Goldman Sachs and Morgan Stanley aligns with their established track records in handling high-profile public offerings.

SpaceX President and Chief Operating Officer Gwynne Shotwell addressed the company's decision to price its initial public offering (IPO) at $135, a move made despite significant demand from both institutional and retail investors. Speaking on IPO day Friday, Shotwell emphasized that the company prioritizes securing long-term partners over immediate gains, pointing to a robust pipeline of opportunities. The pricing strategy reflects a deliberate choice to build a stable investor base rather than maximizing initial proceeds.

Shotwell outlined the company's strategic focus areas, identifying Starship, Starlink, and Grok as the primary drivers for future growth. She stated that SpaceX is actively seeking investors committed to a long-term vision. The allocation structure supports this approach, with roughly 33% of shares reportedly set aside for retail investors, a figure championed by CEO Elon Musk to ensure broad public access. While Musk has advocated for retail participation, he also engaged in extensive meetings with institutional investors in the weeks leading up to the listing.

Strategic Partnerships and Market Position

Shotwell positioned SpaceX as an infrastructure company, confirming recent deals with Anthropic and Alphabet. She described the firm as "builders" engaged in constructing data centers both on the ground and in space. This infrastructure play is central to the company's valuation thesis, which Shotwell linked to a $28.5 trillion total addressable market cited in its prospectus. She clarified that while AI usage alone does not justify this figure, the integration of AI with robotics and globally deployed full self-driving vehicles creates a substantial market opportunity.

Risk Management and Government Relations

Addressing potential risks, Shotwell expressed confidence in the company's trajectory, stating there are no immediate obstacles causing concern. On geopolitical threats, she affirmed SpaceX's commitment to supporting the U.S. government through defense contracts. "We're always going to support our government. We're a company of patriots," Shotwell said, emphasizing the company's dedication to providing the government with access to leading technology.