This is tool banks such as Goldman Sachs and Morgan Stanley use to build an order book for the SpaceX IPO.
It’s a sign of things to come. Deals are getting larger as companies stay private longer. Through May, S&P Global Market Intelligence counted 55 non-SPAC deals that raised $32 billion. The prior year, there were 87 deals over the same span, but the amount raised was closer to $13 billion. Deal size is up, and that’s before SpaceX, Anthropic, and OpenAI hit the market.
