Elon Musk’s SpaceX is negotiating to pay razor-thin fees to Wall Street firms handling its IPO — but banks are still likely to rake in about $500 million from the record-setting market debut.
Musk’s space and artificial-intelligence conglomerate is negotiating to pay less than 0.75% for the $75 billion it aims to drum up in an initial public offering this month, according to people with knowledge of the matter. Even at that low spread, it will likely amount to one of the biggest fee events ever for Wall Street firms that arrange public listings.
The lead banks — Goldman Sachs Group Inc. and Morgan Stanley — are positioned to take in a bigger share of the fee pool than the other 21 brokers involved. For more, we speak with Sri Natarajan, Chief Wall Street Correspondent for Bloomberg News. (Source: Bloomberg)
When we met Sterling Anderson in 2024, he was the chief product officer of Aurora, the self-driving startup he cofounded in 2016 after several years at Tesla. Just over a year ago, though, Anderson decamped from the startup world for something a little more established, taking over as chief product officer at General Motors, the nation's largest automaker. Since then, he's had a good view of how GM is entering what he calls the third epoch of engineering and design.
"There was a time when humans looked at birds and were like, 'OK, those wings seem to work pretty well. Let's go and design something that looks like them.'" Anderson said, describing the first age of engineering. "And they just kind of iterated their way to something that was marginally feasible."
The first few hundred years of inventing "was this era of highly empirical iterative design development and engineering," he said. "And by that I mean humans largely started with what we know or had seen, built prototypes of something that kind of looked like it and maybe tweaked some things, hoping to make it perform better, tested it, iterated, and kind of went through this slow guess-and-check process until we got to something that marginally worked."
When we met Sterling Anderson in 2024, he was the chief product officer of Aurora, the self-driving startup he cofounded in 2016 after several years at Tesla. Just over a year ago, though, Anderson decamped from the startup world for something a little more established, taking over as chief product officer at General Motors, the nation's largest automaker. Since then, he's had a good view of how GM is entering what he calls the third epoch of engineering and design.
"There was a time when humans looked at birds and were like, 'OK, those wings seem to work pretty well. Let's go and design something that looks like them.'" Anderson said, describing the first age of engineering. "And they just kind of iterated their way to something that was marginally feasible."
The first few hundred years of inventing "was this era of highly empirical iterative design development and engineering," he said. "And by that I mean humans largely started with what we know or had seen, built prototypes of something that kind of looked like it and maybe tweaked some things, hoping to make it perform better, tested it, iterated, and kind of went through this slow guess-and-check process until we got to something that marginally worked."
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