Morgan Stanley's wealth unit pulls in new assets from SpaceX IPO - report

Morgan Stanley (MS) won't just be pulling in a $100M fee for its role in SpaceX's (SPCX) massive initial public offering. Its wealth platform will get recurring fees from new assets related to the offering, according to a media report on Wednesday.

That IPO and a flurry of others have brought more than $70B of net new assets to the bank's wealth unit in Q2, Bloomberg News reported, citing people familiar with the matter. A large chunk of that is coming from the SpaceX debut. 

Those new assets in its wealth arm could generate more than $100M in revenue each year, the article said.

SpaceX (SPCX) is a customer of Morgan Stanley's (MS) workplace channel, which provides benefits like equity compensation and retirement plans to clients. The business has become an important source of growth for the bank's wealth business.

In an interview with Bloomberg, Jed Finn, the firm’s head of wealth management, called IPOs launched by its workplace clients "a gift that keeps on giving… It would be a mistake to think about the IPO as a one-off event for asset capture. These are opportunities with multiple phases, with shares that get unlocked and new shares issued."

Finn, as well as a company spokesperson, declined to comment specifically on the unit's work for SpaceX.

Morgan Stanley (MS) has focused on wealth management to offset the volatility of investment banking and trading profits. In Q2 2026, the business pulled in $148B in net new assets, up 150% Y/Y. Its total client assets climbed 25% Y/Y to $8.08T as of June 30, 2026.