The race for bragging rights in the high-profile SpaceX initial public offering is heating up between Wall Street's elite. Goldman Sachs Group Inc had just secured the title of lead underwriter for the SpaceX IPO when Morgan Stanley swiftly sent a note to clients, asserting its role as a joint lead underwriter on the deal and clarifying that the order of names in filings was merely alphabetical.

Shortly after, a silver rocket model reminiscent of the Starship was prominently displayed on a black pedestal in the lobby of Goldman's headquarters, accompanied by text stating the firm's pride in serving as the "lead left bookrunner" for the company's IPO.

Not to be outdone, Morgan Stanley blanketed its Times Square headquarters with SpaceX branding, from elevator banks to turnstile areas.

On Wall Street, while money matters immensely, the capital of prestige is equally significant.

These long-time rivals increasingly appear as a star duo, positioned side-by-side at the forefront of nearly every major deal. Following the submission of IPO documents by Space Exploration Technologies Corp., market chatter suggests the two banks are also poised to assist Alphabet Inc. in raising over $80 billion in equity financing to support its artificial intelligence ambitions. Previous reports also indicated their involvement in potential listings for OpenAI and Anthropic PBC.

"If you're in our line of work, this is truly an exciting time," Goldman Sachs President John Waldron remarked in an interview on Wednesday.

The immediate task facing Wall Street is raising a staggering $120 billion within a mere fortnight. This frenetic pace will test the two investment banks' capacity to mobilize vast sums, securing funds directly from institutional and retail investors and through networks of other firms. The SpaceX roadshow is set to commence in full force shortly, with bankers jetting to major global cities to meet investors and gauge interest in the proposed $75 billion offering.

What remains to be seen is how much revenue these blockbuster deals will ultimately generate for Wall Street. Since the start of the year, analyst expectations for the equity underwriting fee income of Goldman Sachs and Morgan Stanley have seen little change.

This is because investment banks often must accept significantly lower fees for exceptionally large listings. Indeed, SpaceX is negotiating to pay its underwriters an exceptionally low fee for its IPO, though the banks could still collectively earn roughly $500 million from the listing. The filing documents list Morgan Stanley as the stabilization agent, a role that typically increases the income available to the lead bank on the transaction.

For the bankers leading this landmark offering, fees are almost a secondary concern; prestige is the more valuable reward. As one rival enviously noted, deals of this caliber become the signature achievements that top bankers will reference for decades to come.