Goldman Sachs seized the lead role in SpaceX’s IPO, outpacing Morgan Stanley banker Michael Grimes despite his long‑time ties to Elon Musk. The deal grants Goldman control over pricing, valuation and the roadshow, positioning it at the helm of what could become one of Wall Street’s most lucrative mandates.

The bank’s edge stemmed from years of partnership with Musk, having guided Tesla’s 2010 IPO and SolarCity’s 2012 listing. Goldman drafted SpaceX’s S‑1 in December, before the project surfaced at Davos. In contrast, Grimes returned to Morgan Stanley only after a stint at the Commerce Department, limiting his influence.

Morgan Stanley will still earn significant fees, handling stabilisation and equity allocation. Yet Goldman’s strategic lead means it will shape the offering’s valuation and pricing. The outcome signals a shift in Wall Street influence, with Goldman’s longstanding Musk relationship proving decisive.

The result underscores how broker‑client relationships can tilt high‑profile IPOs. Market watchers note that Goldman’s victory may recalibrate future tech listings, as the bank now commands the most critical decisions for SpaceX’s historic flotation.