Morgan Stanley's wealth unit pulls in new assets from SpaceX IPO - report

Morgan Stanley’s wealth management business is benefiting from SpaceX’s IPO and related client activity, with Bloomberg reporting that the bank’s wealth unit attracted more than $70B in net new assets in Q2, much of it tied to SpaceX. Those assets could generate over $100M in annual revenue, highlighting how IPOs can create recurring wealth-management fees beyond underwriting. The article underscores Morgan Stanley’s strategy of leaning on wealth management to reduce dependence on more volatile investment banking and trading. In Q2 2026, the unit reportedly pulled in $148B in net new assets, up 150% year over year, while total client assets rose 25% to $8.08T as of June 30, 2026. The news is modestly positive for MS, reinforcing the durability and scale of its wealth franchise.