Woofun AI data shows that the five largest U.S. investment banks are projected to generate $11.1 billion in second-quarter 2026 fee income, representing a 27% year-on-year increase and the highest level since 2021. The SpaceX IPO served as a primary catalyst, generating approximately $500 million in fees for the 23 underwriting banks, with Goldman Sachs and Morgan Stanley each securing around $100 million. This deal established a new record for fees derived from a single public offering.

M&A advisory fees for the major banks are expected to rise approximately 30% year-over-year to exceed $4 billion. Market observers indicate that potential future listings by major technology firms, including OpenAI and Anthropic, could further stimulate growth in Wall Street investment banking activities.