Morgan Stanley to Earn Fees from SpaceX Listing after Powering Seven of Top 10 IPOs
MS•Morgan Stanley oversaw Nasdaq’s revamped IPO platform that processed seven of this year’s top 10 listings, including Coinbase’s direct offering, and is positioned to earn fees from SpaceX’s upcoming deal and a strong midyear pipeline. JPMorgan sees upside from mega IPOs like SpaceX for Morgan Stanley’s bank fees.
1. Morgan Stanley’s Oversight of Nasdaq’s IPO Platform
Morgan Stanley led a dedicated team overseeing Nasdaq’s end-to-end IPO infrastructure upgrades, including capacity testing at magnitudes matching the largest deals and delivering real-time order flow data every second. This framework supported seven of the top ten listings this year, notably the record direct listing of Coinbase, and added human oversight to stabilize initial pricing.
2. Positioning for SpaceX and Midyear Pipeline
Building on its listed deal expertise, Morgan Stanley is set to underwrite SpaceX’s upcoming IPO and a diversified pipeline of listings slated through July and beyond, which could generate significant underwriting and advisory fees. The firm’s involvement spans pre-opening pricing coordination, order management and investor communications designed to sustain market momentum.
3. JPMorgan’s Revenue Upside Projection
JPMorgan projects that mega IPOs such as SpaceX will unlock substantial incremental revenue for banking firms via underwriting and advisory fees, an opportunity it deems underappreciated by investors. This outlook underscores potential upside for Morgan Stanley’s investment banking segment as the pipeline grows.
