SpaceX is negotiating to pay less than a 0.75% investment banking fee for its upcoming $75 billion initial public offering.
SpaceX Wants Fee Cut From Bankers Chasing $500 Million Windfall
Elon Musk is shaking up Wall Street by squeezing SpaceX's IPO banking fees below 0.75%, yet eager bankers are still fighting for a piece of the historic $500 million fee pool.
Jun 2, 2026
22:17
Difficulty: Intermediate
Played
Bloomberg Intelligence
SpaceX Wants Fee Cut From Bankers Chasing $500 Million Windfall
Elon Musk is shaking up Wall Street by squeezing SpaceX's IPO banking fees below 0.75%, yet eager bankers are still fighting for a piece of the historic $500 million fee pool.
Jun 2, 2026
22:17
Difficulty: Intermediate
Played
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This episode
Cast
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HPE reported blowout quarterly earnings and issued long-range fiscal 2027 EPS guidance that shattered consensus estimates.
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SpaceX is preparing for a landmark $75 billion initial public offering with a valuation targeting up to $2.2 trillion.
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Under CEO Hillary Super, the lingerie retailer posted a massive 13% increase in Q1 comp sales, driving a 45% stock rally.
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Anthropic has filed for its initial public offering, reportedly beating OpenAI to the public listing race.
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Dell's solid earnings and strong momentum in AI servers have established it as an early leader in corporate enterprise hardware.
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Google parent Alphabet recently completed a stealth $80 billion equity raise with Berkshire Hathaway as a key investor.
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The activist hedge fund has settled its campaign with HPE, resulting in partner Chris Xu joining HPE's board.
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The ChatGPT maker is in a high-stakes race with Anthropic to tap the public capital markets for AI development.
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The Warren Buffett-led conglomerate acted as the anchor investor in Alphabet's surprise $80 billion capital raise.
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The massive semiconductor producer was cited as a major tech holding that institutional investors might trim to fund new IPOs.
This episode
Claims & Sources
10 / 10 cited (100%)
Factual claims made this episode, and whether a source was named.
General Motors agreed to a 0.75% investment banking fee for its 2010 initial public offering.
Alphabet raised $80 billion through a package of equity offerings, including an investment from Berkshire Hathaway.
Anthropic's annualized revenue run rate was around $10 billion in late 2025 and could approach $50 billion by the end of 2026.
Anthropic is expected to come to market at a valuation multiple of roughly 20 times sales.
Victoria's Secret recorded a 13% increase in first-quarter comparable sales under CEO Hillary Super.
Victoria's Secret has approximately 77 million followers on Instagram.
Dell is pacing for approximately $60 billion in AI server sales this year.
Hewlett Packard Enterprise is pacing for approximately $6 billion in AI server sales this year.
Hewlett Packard Enterprise has issued fiscal year 2027 guidance projecting earnings per share of over $4.00.
TL;DR
This episode of Bloomberg Intelligence breaks down a historic wave of public market dealmaking and stellar corporate turnarounds [1] — Sri Natarajan "SpaceX is the Walmart of investment banking clients, carrying the ultimate pricing power. While a typical mega-IPO commands fees well over …" 02:11 . Sri Natarajan details Elon Musk's aggressive negotiation tactics to push SpaceX's IPO banking fees below 0.75% for its record $75 billion listing [1] — Sri Natarajan "SpaceX is the Walmart of investment banking clients, carrying the ultimate pricing power. While a typical mega-IPO commands fees well over …" 02:11 . Matthew Bloxham analyzes the public market race between Anthropic and OpenAI [3] — Mary Ross Gilbert "Under the leadership of CEO Hillary Super, Victoria's Secret has engineered a staggering retail turnaround. Comparable sales rose 13% in th…" 17:46 . Additionally, Mary Ross Gilbert highlights Victoria's Secret's stunning 13% comp sales turnaround[5], while Woo Jin Ho dissects Dell and HPE's dominant performance in the enterprise AI server stack[8]. The single most useful takeaway is that enterprise hardware demand is transitioning from a cyclical upswing into a multi-year secular adoption phase[8].
#initial public offerings
#investment banking
#artificial intelligence
#enterprise software
#retail sector
#corporate earnings
#SpaceX
#Alphabet
#Anthropic
#OpenAI
#HPE
#Dell
#Victoria's Secret
#IPO
#banking fees
#AI servers
#enterprise hardware
#retail turnaround
2 minute taster
Elon Musk Squeezes Wall Street on SpaceX IPO Fees
SpaceX is the Walmart of investment banking clients, carrying the ultimate pricing power. While a typical mega-IPO commands fees well over 1%, Musk is pushing SpaceX's fees below 75 basis points. Even with rock-bottom rates, the record-breaking $75 billion deal sizes up to a massive $500 million payday that no major bank can afford to miss.
Victoria's Secret Comparable Sales Surge 13%
Under the leadership of CEO Hillary Super, Victoria's Secret has engineered a staggering retail turnaround. Comparable sales rose 13% in the first quarter, backed by double-digit gains across its core franchises. By focusing on full-price sales, drawing younger cohorts, and keeping store employees highly engaged, they are successfully converting store traffic into high-margin revenue.
Dell Paces at $60 Billion in AI Servers vs HPE's $6 Billion
Dell Technologies is the undisputed heavyweight in the AI hardware deployment space. Dell is pacing toward $60 billion in AI server sales this fiscal year, servicing fast-growing clouds like CoreWeave and Vulture. In comparison, HPE is pacing at about $6 billion—approximately one-tenth of Dell's size—but is finding its footing in direct enterprise sales.
Look closer
Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu features deep dives into Wall Street's biggest deals and corporate earnings. In this episode, Chief Wall Street Correspondent Sri Natarajan discusses SpaceX's upcoming record IPO and the battle over banking fees. Plus, tech analyst Matthew Bloxham breaks down AI IPO momentum with Anthropic, senior retail analyst Mary Ross Gilbert reports on Victoria's Secret's massive turnaround, and tech analyst Woo Jin Ho discusses blowout earnings and forward guidance from HPE and Dell.
- bps
- Basis points. One basis point is equal to one one-hundredth of a percentage point (0.01%). e.g., 75 bps equals 0.75%.
- PEG ratio
- Price-to-Earnings-to-Growth ratio. A valuation metric that compares a company's P/E ratio to its expected earnings growth rate.
- annualized run rate
- The compound value of a metric (such as sales or revenue) projected over a 12-month period based on a shorter actual performance window.
- EV to EBITDA
- Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortization. A standard valuation ratio used to compare business values across capital structures.
- TAM (Total Addressable Market)
- The total revenue opportunity available to a product or service if 100% market share is achieved.
- comp sales
- Comparable store sales. A retail metric evaluating sales growth generated by existing locations over a specific, identical period.
- VSXY
- Alternative ticker symbol used colloquially by the analyst to highlight the brand's 'sexy' marketing identity.
- EPS
- Earnings Per Share. A company's net profit divided by the outstanding shares of its common stock, acting as a core indicator of profitability.
