<p>作者：威廉·加文</p>
<p>‘这可能是首次公开募股中承销商获得的最大收益，按总金额计算’</p>
<p>据报道，近二十家银行正在为埃隆·马斯克的火箭发射公司准备可能前所未有的首次公开募股。</p>
<p>SpaceX 即将进行的首次公开募股预计将超乎寻常，而华尔街作为金融中心将成为最大的受益者。</p>
<p>大型投资银行正在为历史上最大的首次公开募股做好准备，承销埃隆·马斯克的火箭发射公司。</p>
<p>据报道，SpaceX 可能在本周提交其招股说明书，预计将尝试筹集高达 800 亿美元的资金，估值高达 2 万亿美元，这将使其稳稳进入被称为 “七大巨头” 的最大科技公司行列。根据《华尔街日报》，它计划在 6 月 12 日尽快上市，并预计将在纳斯达克交易所挂牌。</p>
<p>当一家公司决定转向公开上市时，通常会聘请一组银行和法律顾问来应对复杂的流程。根据其监管文件，Cerebras Systems（CBRS）上周成为自 Uber Technologies（UBER）上市以来最大的科技首次公开募股，拥有 14 家银行的团队。它在首次公开募股中筹集了 55 亿美元，这 14 家银行分享了 1.304 亿美元的佣金和承销折扣，监管文件显示。</p>
<p>根据佛罗里达大学教授杰伊·里特的说法，SpaceX 的首次公开募股对银行家来说可能是 “有利可图的”，他因广泛的研究而获得了 “IPO 先生” 的称号。</p>
<p>阅读更多：Cerebras 的股票看起来像是对人工智能炒作的风险投资</p>
<p>根据普华永道的数据，承销费用是与首次公开募股相关的最大单一直接成本，费用通常在总收入的 4% 到 7% 之间。虽然尚不清楚银行在 SpaceX 的首次公开募股中将赚取多少，但过去的情况大致可以提供一些参考。</p>
<p>一般而言，较大的首次公开募股佣金较小。根据里特的数据，Visa（V）在 2008 年的 179 亿美元首次公开募股中承销差价为 2.8%，而 Facebook（现为 Meta Platforms（META））在 2012 年的 160 亿美元首次公开募股中支付了 1.1% 的差价。</p>
<p>根据里特的研究，2001 年至 2025 年间，至少筹集 10 亿美元的首次公开募股的平均总差价为 4.44%。即使 SpaceX 的目标收入中佣金为 1%，也将达到 8 亿美元。银行可能会分享与首次公开募股相关的 10 亿美元收入。</p>
<p>“除非它的差价远低于这个比例，否则这可能是首次公开募股中承销商获得的最大收益，按总金额计算，” 里特告诉 MarketWatch。</p>
<p>据路透社报道，至少有 21 家银行在某种程度上参与了 SpaceX 的首次公开募股，其中摩根士丹利（MS）、高盛（GS）、摩根大通（JPM）、美国银行（BAC）和花旗集团（C）处于领先地位。</p>
<p>摩根士丹利、摩根大通和美国银行尚未立即回应 MarketWatch 的评论请求。花旗和高盛拒绝发表评论。</p>
<p>尽管令人印象深刻，但承销费用在银行之间分摊，并不是主要的盈利来源。里特表示，对于银行来说，真正的胜利在于将股票分配给客户。</p>
<p>公司通常倾向于低估其首次公开募股，以确保其股票在公开市场上成功上市。当一家受欢迎的公司上市时，通常会出现对其股票的过度需求。</p>
<p>这使得承销商能够在分配股票时 “挑剔”，这激励银行将股票分配给优先的——盈利的——客户，并促使客户在其他交易中支付更高的价格以取悦银行，里特解释道。虽然有监管规则要求投资银行不得对客户表现出偏袒，但也有很多灵活性。</p>
<p>如果 SpaceX 的定价低估了仅 10%，里特表示，这将为 “那些幸运获得股票分配的人和机构” 带来数十亿美元的利润。</p>
<p>还有纯粹的声誉方面。能够声称参与任何创纪录的事件对许多人来说都是一种吸引力，尤其是当世界上最富有的人参与时。</p>
<p>对于像摩根士丹利或高盛这样的大型银行来说，SpaceX 的首次公开募股可能只是他们的又一项成就，但对于较小的机构来说，这可能是一个大事件。</p>
<p>“能够出现在 SpaceX 的 [招股说明书] 封面上，谁不想要呢？” 金融传播公司 Gateway Group 的总裁斯科特·利奥利奥斯说。</p>
<p>查看更多：SpaceX 和谷歌可能通过这一远大计划变得更加紧密相连</p>
<p>-威廉·加文</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>05-18-26 0937ET</p>

GS-C

高盛

GS-D

GS-A

摩根士丹利

<p>SpaceX 即将进行的首次公开募股（IPO）预计将成为历史上最大的一次，可能筹集 800 亿美元，估值达到 2 万亿美元。包括摩根士丹利和高盛在内的近两打银行参与其中，承销费用可能达到 10 亿美元。此次 IPO 定于 6 月 12 日启动，尽管监管限制了偏袒行为，银行仍可能从股票分配中获得显著收益</p>

<p>By William Gavin</p>
<div class="lb-trans"><p>作者：威廉·加文</p>
</div><p>'It's likely to be the biggest underwriting payday ever for an IPO in terms of the total dollar amount'</p>
<div class="lb-trans"><p>‘这可能是首次公开募股中承销商获得的最大收益，按总金额计算’</p>
</div><p>Nearly two dozen banks are reportedly working on Elon Musk's rocket launch company's potentially unprecedented initial public offering.</p>
<div class="lb-trans"><p>据报道，近二十家银行正在为埃隆·马斯克的火箭发射公司准备可能前所未有的首次公开募股。</p>
</div><p>SpaceX's upcoming initial public offering is expected to be out of this world, and some of the biggest beneficiaries will be on Wall Street, the center of the financial universe.</p>
<div class="lb-trans"><p>SpaceX 即将进行的首次公开募股预计将超乎寻常，而华尔街作为金融中心将成为最大的受益者。</p>
</div><p>The big investment banks are gearing up for the biggest IPO in history as they underwrite Elon Musk's rocket-launch company.</p>
<div class="lb-trans"><p>大型投资银行正在为历史上最大的首次公开募股做好准备，承销埃隆·马斯克的火箭发射公司。</p>
</div><p>SpaceX, which reportedly could file its prospectus paperwork this week, is expected to try to raise as much as $80 billion at a valuation of as much as $2 trillion, which would put it solidly in the ranks of the Magnificent Seven, a group of the biggest technology companies. It plans to go public as soon as June 12 and is expected to list on the Nasdaq stock exchange, according to The Wall Street Journal.</p>
<div class="lb-trans"><p>据报道，SpaceX 可能在本周提交其招股说明书，预计将尝试筹集高达 800 亿美元的资金，估值高达 2 万亿美元，这将使其稳稳进入被称为 “七大巨头” 的最大科技公司行列。根据《华尔街日报》，它计划在 6 月 12 日尽快上市，并预计将在纳斯达克交易所挂牌。</p>
</div><p>When a company decides to make the pivot to go public, it usually hires a team of banks and legal advisors to navigate the complex process. Cerebras Systems (CBRS), which last week became the biggest technology IPO since Uber Technologies (UBER) went public, had a team of 14 banks, according to its regulatory filings. It raised $5.5 billion in its IPO and the 14 banks shared $130.4 million in commissions and underwriting discounts, a regulatory filing shows.</p>
<div class="lb-trans"><p>当一家公司决定转向公开上市时，通常会聘请一组银行和法律顾问来应对复杂的流程。根据其监管文件，Cerebras Systems（CBRS）上周成为自 Uber Technologies（UBER）上市以来最大的科技首次公开募股，拥有 14 家银行的团队。它在首次公开募股中筹集了 55 亿美元，这 14 家银行分享了 1.304 亿美元的佣金和承销折扣，监管文件显示。</p>
</div><p>For bankers, SpaceX's IPO will likely be &#34;lucrative,&#34; according to Jay Ritter, a professor at the University of Florida who has earned the nickname &#34;Mr. IPO&#34; for his extensive research.</p>
<div class="lb-trans"><p>根据佛罗里达大学教授杰伊·里特的说法，SpaceX 的首次公开募股对银行家来说可能是 “有利可图的”，他因广泛的研究而获得了 “IPO 先生” 的称号。</p>
</div><p>Read more: Cerebras's stock looks like a risky bet on AI hype</p>
<div class="lb-trans"><p>阅读更多：Cerebras 的股票看起来像是对人工智能炒作的风险投资</p>
</div><p>According to PwC, underwriting fees are the largest single direct cost associated with an IPO, with costs typically ranging between 4% and 7% of gross proceeds. While it's unclear exactly how much the banks will make on SpaceX's IPO, the past gives a rough idea of how things could shake out.</p>
<div class="lb-trans"><p>根据普华永道的数据，承销费用是与首次公开募股相关的最大单一直接成本，费用通常在总收入的 4% 到 7% 之间。虽然尚不清楚银行在 SpaceX 的首次公开募股中将赚取多少，但过去的情况大致可以提供一些参考。</p>
</div><p>Larger IPOs, generally speaking, carry a smaller commission. Visa's (V) $17.9 billion IPO in 2008 carried a 2.8% underwriting spread, while Facebook (now Meta Platforms (META)) paid a 1.1% spread on its $16 billion IPO in 2012, according to Ritter's data.</p>
<div class="lb-trans"><p>一般而言，较大的首次公开募股佣金较小。根据里特的数据，Visa（V）在 2008 年的 179 亿美元首次公开募股中承销差价为 2.8%，而 Facebook（现为 Meta Platforms（META））在 2012 年的 160 亿美元首次公开募股中支付了 1.1% 的差价。</p>
</div><p>The average gross spread for an IPO with proceeds of at least $1 billion between 2001 and 2025 was 4.44%, according to Ritter's research. And even a commission of 1% of proceeds on SpaceX's target would come out to $800 million. The banks could potentially share proceeds of $1 billion connected to the IPO.</p>
<div class="lb-trans"><p>根据里特的研究，2001 年至 2025 年间，至少筹集 10 亿美元的首次公开募股的平均总差价为 4.44%。即使 SpaceX 的目标收入中佣金为 1%，也将达到 8 亿美元。银行可能会分享与首次公开募股相关的 10 亿美元收入。</p>
</div><p>&#34;Unless it's a much lower percentage spread than that, it's likely to be the biggest underwriting payday ever for an IPO in terms of the total dollar amount that underwriters will be getting,&#34; Ritter told MarketWatch.</p>
<div class="lb-trans"><p>“除非它的差价远低于这个比例，否则这可能是首次公开募股中承销商获得的最大收益，按总金额计算，” 里特告诉 MarketWatch。</p>
</div><p>At least 21 banks are working on the SpaceX IPO in some capacity, according to Reuters, with Morgan Stanley (MS), Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America (BAC) and Citigroup (C) leading the charge.</p>
<div class="lb-trans"><p>据路透社报道，至少有 21 家银行在某种程度上参与了 SpaceX 的首次公开募股，其中摩根士丹利（MS）、高盛（GS）、摩根大通（JPM）、美国银行（BAC）和花旗集团（C）处于领先地位。</p>
</div><p>Morgan Stanley, JPMorgan and Bank of America did not immediately respond to MarketWatch's request for comment. Citi and Goldman Sachs declined to comment.</p>
<div class="lb-trans"><p>摩根士丹利、摩根大通和美国银行尚未立即回应 MarketWatch 的评论请求。花旗和高盛拒绝发表评论。</p>
</div><p>While impressive, the underwriter fees get split up across the banks and aren't the real money-maker. For banks, the big win comes when they allocate shares to clients, Ritter said.</p>
<div class="lb-trans"><p>尽管令人印象深刻，但承销费用在银行之间分摊，并不是主要的盈利来源。里特表示，对于银行来说，真正的胜利在于将股票分配给客户。</p>
</div><p>Companies also tend to underprice their IPO to make sure their shares have a successful launch in the public markets. When a popular company goes public, there's often excess demand for its shares.</p>
<div class="lb-trans"><p>公司通常倾向于低估其首次公开募股，以确保其股票在公开市场上成功上市。当一家受欢迎的公司上市时，通常会出现对其股票的过度需求。</p>
</div><p>That gives underwriters the ability to be &#34;choosy&#34; about who they offer shares to, which incentives banks to allocate stock to preferred - profitable - clients and for clients to overpay on other trades to endear themselves to banks, Ritter explained. There are regulatory rules that mandate investment banks not show favoritism to clients, but there is also a lot of leeway.</p>
<div class="lb-trans"><p>这使得承销商能够在分配股票时 “挑剔”，这激励银行将股票分配给优先的——盈利的——客户，并促使客户在其他交易中支付更高的价格以取悦银行，里特解释道。虽然有监管规则要求投资银行不得对客户表现出偏袒，但也有很多灵活性。</p>
</div><p>If SpaceX is underpriced by just 10%, Ritter said, that's billions in profit for the &#34;people and institutions that are lucky enough to get shares allocated to them.&#34;</p>
<div class="lb-trans"><p>如果 SpaceX 的定价低估了仅 10%，里特表示，这将为 “那些幸运获得股票分配的人和机构” 带来数十亿美元的利润。</p>
</div><p>There's also the purely reputational aspect. Being able to claim participation in any record-breaking event is a draw for many people, especially when the world's wealthiest man alive is involved.</p>
<div class="lb-trans"><p>还有纯粹的声誉方面。能够声称参与任何创纪录的事件对许多人来说都是一种吸引力，尤其是当世界上最富有的人参与时。</p>
</div><p>For larger banks like Morgan Stanley or Goldman Sachs, SpaceX's IPO is likely just another feather in their cap, but for smaller organizations it could be a big deal.</p>
<div class="lb-trans"><p>对于像摩根士丹利或高盛这样的大型银行来说，SpaceX 的首次公开募股可能只是他们的又一项成就，但对于较小的机构来说，这可能是一个大事件。</p>
</div><p>&#34;Being on the cover of SpaceX's [prospectus filing], I mean, who wouldn't want that?&#34; said Scott Liolios, president of Gateway Group, a financial communications firm.</p>
<div class="lb-trans"><p>“能够出现在 SpaceX 的 [招股说明书] 封面上，谁不想要呢？” 金融传播公司 Gateway Group 的总裁斯科特·利奥利奥斯说。</p>
</div><p>See more: SpaceX and Google may become even more tightly linked through this far-out venture</p>
<div class="lb-trans"><p>查看更多：SpaceX 和谷歌可能通过这一远大计划变得更加紧密相连</p>
</div><p>-William Gavin</p>
<div class="lb-trans"><p>-威廉·加文</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>05-18-26 0937ET</p>
<div class="lb-trans"><p>05-18-26 0937ET</p>
</div>

Wall Street is set to reap a fee bonanza from the SpaceX IPO that could reach $1 billion

Dow Jones

GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C

GOLDMAN SACHS GROUP INC DEP REP 1/1000TH PRF D

GOLDMAN SACHS GROUP INC DEP SHR REP 1/1000TH PFD SER A

Cerebras

优步

Visa

摩根大通

美国银行

花旗

谷歌-C

谷歌-A

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

GS Hldg R

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

CITIGROUP INC 6.250 NON CUM SER II PFD WI

华尔街有望从 SpaceX 的 IPO 中获得高达 10 亿美元的费用盛宴