Wall Street’s five largest banks are expected to generate about $11.1 billion in investment-banking fee revenue in the second quarter of 2026, up 27% from a year earlier, according to data compiled by Bloomberg. That would mark the highest level since 2021. The rebound is being driven largely by the SpaceX initial public offering and a pickup in large merger activity. Bloomberg’s data shows the SpaceX IPO alone is expected to deliver about $500 million in fees to the 23 banks involved in underwriting the deal, setting a record for a public offering. Goldman Sachs and Morgan Stanley are each expected to collect about $100 million. Advisory fees from mergers and acquisitions at the five banks are also projected to rise about 30% year over year to more than $4 billion. Financial Times reported that expected future listings from major technology companies including SpaceX, OpenAI and Anthropic could add to growth in Wall Street’s investment-banking business.
Fee revenue set for a four-and-a-half-year high
Wall Street’s five largest banks are expected to report about $11.1 billion in investment-banking fee revenue for the second quarter of 2026, according to data compiled by Bloomberg. That would be up 27% from a year earlier and the highest level since 2021.
SpaceX IPO stands out
The increase is being driven mainly by the SpaceX initial public offering and a recovery in large merger deals. Bloomberg’s figures show the SpaceX IPO is expected to generate about $500 million in fees for the 23 banks underwriting the offering, a record for a public listing. Goldman Sachs and Morgan Stanley are each set to receive about $100 million.
M&A fees are also rising
Fees from merger and acquisition business at the five banks are expected to climb about 30% year over year to more than $4 billion.
Financial Times said the market expects future listing plans from major technology companies including SpaceX, OpenAI and Anthropic to support additional growth in Wall Street’s investment-banking business.
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