U.S. top five investment banks are expected to generate about $11.1 billion in investment banking fee revenue in the second quarter of 2026, up 27% year over year and the highest level since 2021, based on data compiled by Bloomberg.
According to Odaily, the increase is mainly attributed to the SpaceX IPO and a rebound in large merger and acquisition deals.
The SpaceX IPO is expected to contribute about $500 million in fees to 23 underwriting banks, described as the highest fee total on record for a public offering. Goldman Sachs and Morgan Stanley are each expected to receive about $100 million.
M&A fee revenue for the five banks is projected to rise about 30% from a year earlier to more than $4 billion.
The market expects potential future listings by large technology companies including SpaceX, OpenAI, and Anthropic to further support growth in Wall Street investment banking business.
U.S. Top Five Investment Banks Expected to Earn $11.1 Billion in Fees in Q2 2026, Bloomberg Data Show
2026-07-13 04:54:11
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