Goldman Sachs Earns Hundreds of Millions From Early SpaceX Client Bets Beyond IPO Fees

Goldman Sachs (GS) generated hundreds of millions of dollars in performance fees from client stakes in SpaceX, far exceeding the roughly $100 million advisory fee it earned as lead underwriter of the company's June 2026 IPO at a $1.77 trillion valuation, people familiar with the matter said. The bank began arranging early investments for wealthy clients more than five years ago, when SpaceX was valued in the tens of billions. Goldman partners were permitted to co-invest, meaning some current and former executives may also have booked significant gains. A Goldman spokesperson declined to comment. The performance fees, excluded from financial forecasts, prompted Goldman to accelerate a portion of its charitable giving for tax efficiency ahead of new deduction thresholds effective this year. CEO David Solomon told investors last month the firm would front-load several years of donations in a "very tax-efficient" manner. Goldman, which manages about $4 trillion in assets, expects the moves and higher technology spending to raise third-quarter non-compensation expenses. It reports quarterly results on October 13, 2026.