Morgan Stanley Co-Leads $75B SpaceX IPO as AI Debt Issuance More Than Doubles
MS•After a 1.71% drop, Morgan Stanley projected AI-related global debt issuance will more than double in 2026, underscoring growth in its capital markets business. The firm also co-leads underwriting for SpaceX’s $75 billion IPO, positioning it for record fees from the largest-ever offering.
1. AI-Related Debt Issuance Outlook
Morgan Stanley forecasts global AI-related debt issuance will exceed double last year’s volume in 2026, driven by surging demand from technology and industrial clients seeking to finance AI projects through bonds and loans. The projection highlights the firm’s strategic positioning in a rapidly expanding segment of its debt capital markets operations.
2. SpaceX IPO Underwriting Role
Morgan Stanley serves as one of the lead underwriters for SpaceX’s $75 billion IPO, which offers 555.6 million shares at $135 each, set to value the company at $1.8 trillion. Participation in what is poised to be the largest IPO ever will generate substantial fees and reinforce the bank’s prominence in blockbuster equity offerings.
3. Stock Market Reaction
Shares of Morgan Stanley declined by 1.71% on the same day these developments were disclosed, reflecting investor caution as market participants weigh the timing and magnitude of anticipated capital markets revenues from both AI-related debt deals and the marquee SpaceX offering.
