SpaceX Strikes Rare Deal to Pay $0 to Bankers for IPO Greenshoe

SpaceX, which had already negotiated to pay razor-thin fees on its record initial public offering, somehow managed to get an even better deal out of its investment bankers.

Elon Musk’s rocket, satellite and AI firm won’t pay any fee if underwriters on the offering agree to exercise their ability to sell another 15% of shares, an option known as a greenshoe in Wall Street parlance. The unusual deal means Goldman Sachs Group Inc., Morgan Stanley and the other banks on the offering are missing out on an extra $75 million of fees in the deal.

In the ...