Goldman Sachs hits $1T M&A record as SpaceX IPO adds Wall Street halo

Goldman Sachs has crossed more than $1 trillion (approx. £757 billion) in announced M&A advisory volume in the first half of 2026, setting the fastest pace ever recorded by an investment bank.

The milestone, based on Dealogic data cited by Goldman Sachs, comes during a powerful rebound in dealmaking and capital markets activity.

It also lands days after Goldman served as lead-left underwriter on SpaceX’s blockbuster market debut, which pushed the Elon Musk-led company’s valuation past $2 trillion (approx. £1.5 trillion).

For Goldman, the story is more about whether a historic investment-banking boom can justify a stock already trading ahead of much of Wall Street’s target-price range.

Goldman Sachs' record-breaking run

Goldman’s $1 trillion-plus M&A haul reflects a sharp revival in boardroom confidence after a quieter stretch for global deals.

The bank has advised on some of the year’s largest transactions, including Dominion Energy’s $66.8 billion (approx. £50.6 billion) sale to NextEra Energy, Unilever’s $44.8 billion (approx. £33.9 billion) combination of its foods business with McCormick, and the $33.4 billion (approx. £25.3 billion) acquisition of AES by a consortium led by BlackRock’s Global Infrastructure Partners and EQT.

SpaceX is not an M&A transaction, but it adds to the same investment-banking momentum.

Goldman won the prized lead-left role on the rocket and satellite company’s IPO, the most influential spot on an offering’s front page.

SpaceX priced at $135 a share and surged past a $2 trillion (approx. £1.5 trillion) market value on its debut, giving Goldman both fees and prestige in one of the most closely watched listings in market history.

The underwriting payday is also meaningful.

Goldman and Morgan Stanley are each expected to earn roughly $100 million (approx. £75.7 million) from the SpaceX IPO, according to reports citing the company’s regulatory filing.

Goldman CEO David Solomon said in a LinkedIn post that global M&A volumes have already exceeded $2.6 trillion (approx. £2 trillion) this year, as artificial intelligence and strategic consolidation reshape industries.

Matt McClure, Goldman’s global co-head of investment banking, told Reuters that “CEOs and Boards are taking a long-term strategic view” despite a complex backdrop.

Wall Street’s split verdict on the stock

The tension is that Goldman’s operating momentum has not fully translated into analyst enthusiasm at current prices.

JPMorgan recently raised its price target on Goldman Sachs to $900 from $826, but kept a Neutral rating.

Morgan Stanley has also been around the $900 mark, while CICC Research is more constructive, lifting its target to $980 with an Outperform rating.

DBS Bank and BofA Securities are more bullish, with targets around $1,050, while Zacks Research earlier downgraded Goldman from Strong Buy to Hold.

That still leaves a gap. Goldman shares have recently traded around $1,090, above the average analyst target of about $942.

In plain English, the market has already priced in a lot of good news. The stock is being rewarded for stronger trading, revived M&A, higher IPO activity and the SpaceX halo.

But several analysts appear reluctant to chase it further at this valuation.

JPMorgan’s Rob Dwyer and Ayano Tsunoda, in a note cited by MarketWatch, said investors may be underestimating “a multiplier effect from IPOs and financing deals” on Wall Street banks.

Their point is that a mega-listing does not just produce underwriting fees, but can also drive secondary trading, financing activity, hedging and client flows.

That is the bull case. The cautious view is simpler: Goldman has already rallied hard, and even strong deal flow may not be enough if investors believe earnings are peaking.