David Solomon Says Goldman Didn't Win The SpaceX IPO In 6 Months — It Took 20 Years

• David Solomon dispelled rumors that Goldman Sachs secured the lucrative SpaceX IPO through direct messages with Musk on X.
• Solomon explained that Musk had largely stopped responding to texts and emails over the past year and instead encouraged contacts to reach him through direct messages on X.
• SpaceX announced the pricing of its IPO in a filing with the U.S. Securities and Exchange Commission on Wednesday, planning to raise $75 billion through the offering, with the issue price set at $135 apiece.

Goldman Sachs Group Inc. (GS) CEO David Solomon on Thursday dived into the investment bank’s relationship with Elon Musk-led SpaceX, revealing how it bagged the SPCX IPO that is expected to debut later this month.

During an appearance on Bloomberg’s Odd Lots podcast, Solomon revealed that the SpaceX IPO deal was 20 years in the making.

“We didn't win this in the last six months. We won this over the last 20 years. The decision wasn't made until the last six months, and there are a lot of things that the team did over the last six months that contributed to the ultimate result,” Solomon said.

He said that Goldman’s co-head of Global Banking & Markets, Dan Dees, built a “wonderful dialogue” with Musk over a long time. “But at the end of the day, as a firm, we've been long-term committed to Elon, his companies, his teams,” he added.

Solomon Reveals The Truth Behind His DMs With Musk

Solomon revealed the truth behind his direct messages with Musk on X, dispelling rumors that Goldman Sachs secured the lucrative SpaceX IPO through those messages.

He explained that Musk had largely stopped responding to texts and emails over the past year and instead encouraged contacts to reach him through direct messages on X.

As a result, Solomon said he shifted his communications with Musk from text messages to X DMs, where the two regularly exchange messages on a variety of topics.

SpaceX Prices IPO

SpaceX announced the pricing of its IPO in a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday. It plans to raise $75 billion through the IPO, offering 555.55 million shares at a price of $135 apiece.

SpaceX is expected to reach a valuation of $1.75 trillion, with the IPO roadshow set to begin on Thursday. Musk will hold approximately 82.4% of the voting power once SpaceX debuts on the Nasdaq.

GS stock is up 18% year-to-date and 72% over the past 12 months.

The Procure Space ETF (UFO) is up 135% during this period, while the Tema Space Innovators ETF (NASA) is up 46%.

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