Goldman Sachs bankers earned huge fees in June when they orchestrated the SpaceX company's groundbreaking initial public offering (IPO), but a considerable portion of the profits related to this listing was actually foreshadowed several years prior.
According to people familiar with the matter, more than five years ago when SpaceX was valued at just a few hundred billion dollars, Goldman Sachs helped wealthy clients arrange investments in this company owned by Elon Musk. Later, SpaceX went public with a valuation of 1.77 trillion dollars, and the Goldman Sachs clients who sold their shares obtained huge profits, for which they paid Goldman Sachs hundreds of millions of dollars in fees as rewards.
An anonymous source familiar with the matter, who requested to remain unnamed due to the non-public nature of the discussions, stated that Goldman Sachs partners are able to invest alongside their clients, which implies that some current and former executives may have also achieved considerable profits.
A Goldman Sachs spokesman declined to comment.
