U.S. Top Five Investment Banks Expected to Earn $11.1 Billion in Fees in Q2 2026, Bloomberg Data Show

U.S. top five investment banks are expected to generate about $11.1 billion in investment banking fee revenue in the second quarter of 2026, up 27% year over year and the highest level since 2021, based on data compiled by Bloomberg. According to Odaily, the increase is mainly attributed to the SpaceX IPO and a rebound in large merger and acquisition deals. The SpaceX IPO is expected to contribute about $500 million in fees to 23 underwriting banks, described as the highest fee total on record for a public offering. Goldman Sachs and Morgan Stanley are each expected to receive about $100 million. M&A fee revenue for the five banks is projected to rise about 30% from a year earlier to more than $4 billion. The market expects potential future listings by large technology companies including SpaceX, OpenAI, and Anthropic to further support growth in Wall Street investment banking business.