Ready to compete for the largest tech deals of the decade
In the long arc of capital seeking its highest purpose, Santander has chosen not to wait at the threshold but to build the door itself. The Spanish bank is quietly assembling the human and institutional machinery needed to shepherd two of the most consequential private companies — SpaceX and Anthropic — into public markets, should their founders choose that path. It is a wager on timing, relationships, and the belief that preparation, not pedigree alone, earns a seat at history's table.
- SpaceX, valued near $180 billion, and Anthropic represent the kind of once-in-a-decade IPO opportunities that can reshape a bank's global standing overnight.
- Santander is not waiting to be invited — it is actively coordinating investment bankers, private bankers, and trading desks into a unified offering machine before any deal is formally announced.
- The competition is formidable: Goldman Sachs, Morgan Stanley, and JPMorgan will almost certainly pursue the same mandates, making Santander's European identity and private wealth relationships its sharpest differentiators.
- Neither Musk nor Altman has committed to a timeline, leaving Santander in a high-stakes holding pattern where readiness itself becomes the strategy.
- If the mandates are won, advisory fees could reach hundreds of millions of dollars and fundamentally elevate the bank's position in global tech finance.
Santander is placing itself at the center of what could be the most significant technology financing moment in years. The Spanish bank has mobilized both its investment banking and private banking divisions to prepare for potential IPOs from SpaceX and Anthropic — two of the world's most valuable private companies — before either has committed to going public.
Rather than waiting passively, Santander is building the infrastructure now: investment bankers to structure deals and manage roadshows, private bankers to activate relationships with ultra-high-net-worth anchor investors, and trading desks ready to stabilize newly listed shares. SpaceX alone, valued at roughly $180 billion in private markets, would rank among the largest IPOs ever attempted.
The timing is deliberate. Both Elon Musk and Dario Altman have signaled openness to public markets without committing to specifics. Santander's bet is that by cultivating relationships, testing infrastructure, and mapping regulatory pathways now, it becomes the obvious choice when either company moves forward.
The challenge is real. Goldman Sachs, Morgan Stanley, and JPMorgan will compete fiercely for the same mandates. But Santander believes its European perspective and its private banking client base — managing wealth for some of the world's richest families — gives it a genuine edge as a source of natural anchor capital.
The broader environment adds complexity. Tech IPOs have grown rarer and more scrutinized, demanding careful narrative management and deep institutional trust. Santander's preparation signals confidence that it can provide exactly that kind of sophisticated guidance when the moment finally arrives.
Santander is positioning itself at the center of what could be one of the largest technology financing events in years. The Spanish bank has mobilized both its investment banking and private banking divisions to prepare for potential initial public offerings from SpaceX and Anthropic—two of the most valuable private companies in the world, led respectively by Elon Musk and Dario Altman.
The bank's strategy reflects a broader shift in how traditional financial institutions are competing for access to the most coveted deals in tech. Rather than waiting passively for these companies to approach underwriters, Santander has begun assembling the infrastructure and expertise needed to manage offerings of unprecedented scale. This means coordinating across multiple divisions: investment bankers who would structure the deals and manage the roadshow, private bankers who maintain relationships with ultra-high-net-worth investors who would be early buyers, and trading desks prepared to stabilize the stock once it begins trading.
What makes this moment significant is the sheer concentration of wealth and influence involved. SpaceX, valued at roughly $180 billion in private markets, would rank among the largest IPOs ever attempted. Anthropic, valued at $15 billion, would still be a marquee offering. Both companies represent the cutting edge of artificial intelligence and space technology—sectors that have captured enormous investor appetite. For Santander, winning mandates on either deal would be transformative, generating hundreds of millions in advisory fees and elevating the bank's standing in the most competitive corner of global finance.
The timing is also deliberate. Both Musk and Altman have signaled openness to public markets, though neither has committed to a specific timeline. Santander's preparation suggests the bank believes these offerings could happen within the next few years, possibly sooner. By having teams ready now—with relationships cultivated, infrastructure tested, and regulatory pathways understood—Santander hopes to be the obvious choice when either company decides to move forward.
This is not a guarantee. SpaceX and Anthropic will likely solicit proposals from multiple banks, including the traditional powerhouses like Goldman Sachs, Morgan Stanley, and JPMorgan Chase. But Santander's move signals confidence that it can compete at this level, and that the European banking perspective—combined with its substantial private banking client base—gives it a genuine advantage. The bank's private bankers, in particular, manage relationships with some of the world's wealthiest individuals and families who would be natural anchor investors in a SpaceX or Anthropic IPO.
The broader context matters too. Tech IPOs have become less frequent and more fraught in recent years. The market has grown skeptical of unprofitable growth stories, and regulatory scrutiny of big tech has intensified. An IPO for either company would require careful narrative management and deep relationships with institutional investors who understand the long-term thesis. Santander's positioning suggests it believes it can provide that kind of sophisticated guidance.
What happens next depends entirely on the companies themselves. But Santander has made its bet clear: it is ready, it is prepared, and it believes it belongs at the table when the largest tech deals of the decade get done.
Citações Notáveis
Santander is positioning itself as a key financial advisor for major tech IPOs, including SpaceX and Anthropic— Editorial summary
A Conversa do Hearth Outra perspectiva sobre a história
Why would Santander think it can compete with Goldman Sachs or Morgan Stanley on a deal this size?
Because the traditional bulge-bracket banks are stretched thin and often conflict-ridden. Santander has deep private banking relationships across Europe and Latin America—clients with real capital who want exposure to SpaceX or Anthropic. That matters more than you'd think.
But SpaceX and Anthropic are American companies. Wouldn't they naturally go with American banks?
Not necessarily. Both companies have global ambitions and global cap tables. Musk especially has shown he's willing to work with unconventional partners. And Santander isn't some regional player—it's one of the largest banks in the world by assets.
What's the actual financial upside for Santander here?
Hundreds of millions in fees, probably. A SpaceX IPO could generate $500 million to $1 billion in total advisory and underwriting fees. Even a small piece of that transforms a bank's year.
Is there any risk in preparing this aggressively? What if the IPOs never happen?
The preparation costs are real but manageable. The bigger risk is looking unprepared if the deal does happen and you're not ready. Santander is betting the upside outweighs the sunk cost.
How does this change the competitive landscape in investment banking?
It signals that the old hierarchy is loosening. If Santander can credibly compete for mega-deals, other regional powerhouses will try too. It democratizes access to the most lucrative work.
What would success look like for Santander?
Winning a mandate on either deal. Even co-managing a SpaceX IPO would be a career-defining achievement for the bank's investment banking leadership and would open doors to other tech deals for years.