<p>作者：威廉·加文</p>
<p>‘這可能是首次公開募股中承銷商獲得的最大收益，按總金額計算’</p>
<p>據報道，近二十家銀行正在為埃隆·馬斯克的火箭發射公司準備可能前所未有的首次公開募股。</p>
<p>SpaceX 即將進行的首次公開募股預計將超乎尋常，而華爾街作為金融中心將成為最大的受益者。</p>
<p>大型投資銀行正在為歷史上最大的首次公開募股做好準備，承銷埃隆·馬斯克的火箭發射公司。</p>
<p>據報道，SpaceX 可能在本週提交其招股説明書，預計將嘗試籌集高達 800 億美元的資金，估值高達 2 萬億美元，這將使其穩穩進入被稱為 “七大巨頭” 的最大科技公司行列。根據《華爾街日報》，它計劃在 6 月 12 日儘快上市，並預計將在納斯達克交易所掛牌。</p>
<p>當一家公司決定轉向公開上市時，通常會聘請一組銀行和法律顧問來應對複雜的流程。根據其監管文件，Cerebras Systems（CBRS）上週成為自 Uber Technologies（UBER）上市以來最大的科技首次公開募股，擁有 14 家銀行的團隊。它在首次公開募股中籌集了 55 億美元，這 14 家銀行分享了 1.304 億美元的佣金和承銷折扣，監管文件顯示。</p>
<p>根據佛羅里達大學教授傑伊·裏特的説法，SpaceX 的首次公開募股對銀行家來説可能是 “有利可圖的”，他因廣泛的研究而獲得了 “IPO 先生” 的稱號。</p>
<p>閲讀更多：Cerebras 的股票看起來像是對人工智能炒作的風險投資</p>
<p>根據普華永道的數據，承銷費用是與首次公開募股相關的最大單一直接成本，費用通常在總收入的 4% 到 7% 之間。雖然尚不清楚銀行在 SpaceX 的首次公開募股中將賺取多少，但過去的情況大致可以提供一些參考。</p>
<p>一般而言，較大的首次公開募股佣金較小。根據裏特的數據，Visa（V）在 2008 年的 179 億美元首次公開募股中承銷差價為 2.8%，而 Facebook（現為 Meta Platforms（META））在 2012 年的 160 億美元首次公開募股中支付了 1.1% 的差價。</p>
<p>根據裏特的研究，2001 年至 2025 年間，至少籌集 10 億美元的首次公開募股的平均總差價為 4.44%。即使 SpaceX 的目標收入中佣金為 1%，也將達到 8 億美元。銀行可能會分享與首次公開募股相關的 10 億美元收入。</p>
<p>“除非它的差價遠低於這個比例，否則這可能是首次公開募股中承銷商獲得的最大收益，按總金額計算，” 裏特告訴 MarketWatch。</p>
<p>據路透社報道，至少有 21 家銀行在某種程度上參與了 SpaceX 的首次公開募股，其中摩根士丹利（MS）、高盛（GS）、摩根大通（JPM）、美國銀行（BAC）和花旗集團（C）處於領先地位。</p>
<p>摩根士丹利、摩根大通和美國銀行尚未立即回應 MarketWatch 的評論請求。花旗和高盛拒絕發表評論。</p>
<p>儘管令人印象深刻，但承銷費用在銀行之間分攤，並不是主要的盈利來源。裏特表示，對於銀行來説，真正的勝利在於將股票分配給客户。</p>
<p>公司通常傾向於低估其首次公開募股，以確保其股票在公開市場上成功上市。當一家受歡迎的公司上市時，通常會出現對其股票的過度需求。</p>
<p>這使得承銷商能夠在分配股票時 “挑剔”，這激勵銀行將股票分配給優先的——盈利的——客户，並促使客户在其他交易中支付更高的價格以取悦銀行，裏特解釋道。雖然有監管規則要求投資銀行不得對客户表現出偏袒，但也有很多靈活性。</p>
<p>如果 SpaceX 的定價低估了僅 10%，裏特表示，這將為 “那些幸運獲得股票分配的人和機構” 帶來數十億美元的利潤。</p>
<p>還有純粹的聲譽方面。能夠聲稱參與任何創紀錄的事件對許多人來説都是一種吸引力，尤其是當世界上最富有的人蔘與時。</p>
<p>對於像摩根士丹利或高盛這樣的大型銀行來説，SpaceX 的首次公開募股可能只是他們的又一項成就，但對於較小的機構來説，這可能是一個大事件。</p>
<p>“能夠出現在 SpaceX 的 [招股説明書] 封面上，誰不想要呢？” 金融傳播公司 Gateway Group 的總裁斯科特·利奧利奧斯説。</p>
<p>查看更多：SpaceX 和谷歌可能通過這一遠大計劃變得更加緊密相連</p>
<p>-威廉·加文</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞社</p>
<p>05-18-26 0937ET</p>

GS-C

高盛

GS-D

GS-A

摩根士丹利

<p>SpaceX 即將進行的首次公開募股（IPO）預計將成為歷史上最大的一次，可能籌集 800 億美元，估值達到 2 萬億美元。包括摩根士丹利和高盛在內的近兩打銀行參與其中，承銷費用可能達到 10 億美元。此次 IPO 定於 6 月 12 日啓動，儘管監管限制了偏袒行為，銀行仍可能從股票分配中獲得顯著收益</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>‘這可能是首次公開募股中承銷商獲得的最大收益，按總金額計算’</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>據報道，近二十家銀行正在為埃隆·馬斯克的火箭發射公司準備可能前所未有的首次公開募股。</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 即將進行的首次公開募股預計將超乎尋常，而華爾街作為金融中心將成為最大的受益者。</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>大型投資銀行正在為歷史上最大的首次公開募股做好準備，承銷埃隆·馬斯克的火箭發射公司。</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>據報道，SpaceX 可能在本週提交其招股説明書，預計將嘗試籌集高達 800 億美元的資金，估值高達 2 萬億美元，這將使其穩穩進入被稱為 “七大巨頭” 的最大科技公司行列。根據《華爾街日報》，它計劃在 6 月 12 日儘快上市，並預計將在納斯達克交易所掛牌。</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>當一家公司決定轉向公開上市時，通常會聘請一組銀行和法律顧問來應對複雜的流程。根據其監管文件，Cerebras Systems（CBRS）上週成為自 Uber Technologies（UBER）上市以來最大的科技首次公開募股，擁有 14 家銀行的團隊。它在首次公開募股中籌集了 55 億美元，這 14 家銀行分享了 1.304 億美元的佣金和承銷折扣，監管文件顯示。</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>根據佛羅里達大學教授傑伊·裏特的説法，SpaceX 的首次公開募股對銀行家來説可能是 “有利可圖的”，他因廣泛的研究而獲得了 “IPO 先生” 的稱號。</p>
</div><p>Read more: Cerebras's stock looks like a risky bet on AI hype</p>
<div class="lb-trans"><p>閲讀更多：Cerebras 的股票看起來像是對人工智能炒作的風險投資</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>根據普華永道的數據，承銷費用是與首次公開募股相關的最大單一直接成本，費用通常在總收入的 4% 到 7% 之間。雖然尚不清楚銀行在 SpaceX 的首次公開募股中將賺取多少，但過去的情況大致可以提供一些參考。</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，較大的首次公開募股佣金較小。根據裏特的數據，Visa（V）在 2008 年的 179 億美元首次公開募股中承銷差價為 2.8%，而 Facebook（現為 Meta Platforms（META））在 2012 年的 160 億美元首次公開募股中支付了 1.1% 的差價。</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>根據裏特的研究，2001 年至 2025 年間，至少籌集 10 億美元的首次公開募股的平均總差價為 4.44%。即使 SpaceX 的目標收入中佣金為 1%，也將達到 8 億美元。銀行可能會分享與首次公開募股相關的 10 億美元收入。</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>“除非它的差價遠低於這個比例，否則這可能是首次公開募股中承銷商獲得的最大收益，按總金額計算，” 裏特告訴 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>據路透社報道，至少有 21 家銀行在某種程度上參與了 SpaceX 的首次公開募股，其中摩根士丹利（MS）、高盛（GS）、摩根大通（JPM）、美國銀行（BAC）和花旗集團（C）處於領先地位。</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、摩根大通和美國銀行尚未立即回應 MarketWatch 的評論請求。花旗和高盛拒絕發表評論。</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>儘管令人印象深刻，但承銷費用在銀行之間分攤，並不是主要的盈利來源。裏特表示，對於銀行來説，真正的勝利在於將股票分配給客户。</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>公司通常傾向於低估其首次公開募股，以確保其股票在公開市場上成功上市。當一家受歡迎的公司上市時，通常會出現對其股票的過度需求。</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>這使得承銷商能夠在分配股票時 “挑剔”，這激勵銀行將股票分配給優先的——盈利的——客户，並促使客户在其他交易中支付更高的價格以取悦銀行，裏特解釋道。雖然有監管規則要求投資銀行不得對客户表現出偏袒，但也有很多靈活性。</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 的定價低估了僅 10%，裏特表示，這將為 “那些幸運獲得股票分配的人和機構” 帶來數十億美元的利潤。</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>還有純粹的聲譽方面。能夠聲稱參與任何創紀錄的事件對許多人來説都是一種吸引力，尤其是當世界上最富有的人蔘與時。</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>對於像摩根士丹利或高盛這樣的大型銀行來説，SpaceX 的首次公開募股可能只是他們的又一項成就，但對於較小的機構來説，這可能是一個大事件。</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>“能夠出現在 SpaceX 的 [招股説明書] 封面上，誰不想要呢？” 金融傳播公司 Gateway Group 的總裁斯科特·利奧利奧斯説。</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 和谷歌可能通過這一遠大計劃變得更加緊密相連</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞社</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

優步

Visa

摩根大通

美國銀行

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

華爾街有望從 SpaceX 的 IPO 中獲得高達 10 億美元的費用盛宴