27/10/2026
Three massive artificial intelligence financing deals announced on Monday morning share one common lead arranger: Goldman Sachs Group.
The Wall Street bank co-led Meta Platforms Inc.’s $95 billion equity offering, acted as the sole structural agent for SpaceX’s $40 billion chip financing deal, and was appointed the lead underwriter for Anthropic PBC’s blockbuster IPO, which is expected to be at least as large as SpaceX’s listing in June.
Combined, the three deals are worth a minimum of $210 billion, delivering a windfall for Goldman Sachs, which stands to collect tens of millions — and potentially hundreds of millions of dollars in underwriting fees.
Goldman’s prominent role in Anthropic’s IPO came as a surprise to many market participants, given that Morgan Stanley had long led the expansion of the AI firm’s revolving credit facility. People familiar with the matter said the Goldman-Anthropic relationship was managed by San Francisco-based bankers Nick Giovanni and Jung Min, who also serves as a senior banker for NVIDIA Corporation. A spokesperson for Goldman Sachs declined to comment.
Wall Street banks have been racing to fund the AI boom, fueled by surging demand for chips and data centers that deliver computing power for new AI technologies. However, the flood of debt and equity capital into the sector, paired with heavy cash burn at cutting-edge AI labs, has stoked concerns that some financing may prove unsustainable.
Signs of growing anxiety are visible across debt and equity securities of firms including CoreWeave Inc. Shares of cloud computing providers that supply computing power for AI model development have tumbled sharply over the past month.
While Wall Street banks have not yet broken out fee income directly tied to the AI frenzy, the surge in capital flows has boosted investment banking results. In the first nine months of this year, the five largest U.S. banks generated nearly $19 billion in total underwriting revenue; equity capital markets underwriting jumped 48% and bond underwriting rose 13%.
Goldman Sachs has moved aggressively to capture the AI boom. In August, it became the sole bank to join a consortium pledging $500 billion in financing for NVIDIA clients purchasing AI chips.
Under the SpaceX deal announced on Monday, Elon Musk’s company will buy chips from NVIDIA with lease support from Apollo Global Management Inc. Goldman acted as the sole structural agent, and funds managed by the bank’s asset management arm also took part in the investment. According to an anonymous insider, the chip leasing transaction was separate from SpaceX’s existing partnership with NVIDIA and was initiated after SpaceX reached out to Goldman several months ago.
Back in June, Goldman served as lead underwriter for SpaceX’s record-breaking IPO, earning a $100 million fee. Senior Goldman bankers Dan Dees, Kim Posnett, David Ludwig and Susie Scher have cultivated years-long ties with SpaceX.
As reported earlier this month, the bank also earned hundreds of millions of dollars in additional incentive fees from early-stage investments arranged for its wealthy clients.
Goldman also advised Google parent Alphabet Inc. on one of the largest equity offerings in history, a financing package worth more than $800 billion. The same team led by Kim Posnett and Yasmin Kuppar also oversaw Meta’s share offering announced on Monday.
Last year, Goldman launched a new Capital Solutions group led by Pete Lyon and Mahesh Sereedy. The team leverages the bank’s full ecosystem — including asset management, investment banking and trading divisions — to structure large-scale multi-source financing for corporate clients.
John Waldron, President of Goldman Sachs, commented in May: “We feel we are right at the center of this investment supercycle.”
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