Goldman Sachs and Morgan Stanley stand to gain the most from the $75 billion SpaceX offering, with each firm expected to collect roughly $100 million in fees. While the broader financial sector celebrates this sudden surge in deal-making, the private-credit market faces persistent turbulence. BlackRock’s flagship fund saw redemption requests climb to 13.3% in the second quarter, up from 9.3% in the prior period.

These liquidity strains highlight a fundamental mismatch in the private-credit model. Designed for long-term direct lending to corporations, these funds are ill-equipped to handle the short-term investor turnover currently plaguing the sector. Investors remain wary of exposure to struggling software firms and other high-risk debtors, keeping the pressure on private-credit managers even as the wider investment banking landscape begins to thaw.