Goldman Sachs To Earn Fees From $1.8 Trillion SpaceX IPO, Faces Premium Valuation
GS•Goldman Sachs stands to gain underwriting fees from SpaceX’s planned $1.8 trillion IPO, although S&P’s decision to maintain positive net-income requirements will delay the company’s index inclusion until at least 2028. Goldman’s own shares trade at tech-stock-like valuations relative to peers, leading some investors to favor lower-multiple banks.
1. SpaceX IPO Preps and S&P 500 Rules
SpaceX plans a $1.8 trillion IPO on June 12, but S&P Dow Jones Indices upheld its rule requiring one year of positive net income. Evercore ISI forecasts SpaceX won’t report annual profit until 2027, meaning index entry could be pushed into 2028 despite investor demand.
2. Goldman Sachs Valuation Premium
Goldman Sachs shares currently trade at roughly 13–14x forward earnings and about 1.6x book value, compared with sector averages near 10x and 1.2x. That tech-stock-like premium has led analysts to recommend exploring regional banks and other financial firms offering lower multiples and potentially higher dividends.
