Goldman Sachs
SPAC Underwriting Record
2021 SPAC IPOs
50
Est. Fees Earned
$1500M
Avg Client Return
-39.9%
Bankrupt SPACs
4
📌 Note
Stopped working on most new SPAC IPOs
🚪 Pullback
Goldman Sachs pulled back from SPAC underwriting in 2022.
SPACs Underwritten (19 in database)
💰 The Fee Machine
SPAC underwriting fees follow a unique 5.5% structure: 2% paid at IPO, 3.5% deferred until merger completion. For Goldman Sachs, that meant an estimated $1500M in total fees from SPAC activity.
The deferred fee structure was designed to align bank and investor interests — banks would only get their full fee if a deal closed. But in practice, this created perverse incentives: banks pushed marginal deals to close rather than walk away from deferred fees.
When the SPAC market collapsed, several banks including Goldman Sachs (in 2022) walked away from billions in deferred fees — but kept everything they'd earned upfront.