Morgan Stanley reaches $10 trillion in client assets thanks to SpaceX IPO

Morgan Stanley exceeds the $10 trillion client assets mark for the first time. The American investment bank owes this milestone in part to a record quarter for its wealth management division, with IPOs including that of SpaceX generating more than $74 billion in new inflows.

In brief:

• Morgan Stanley reaches $10 trillion in client assets for the first time
• SpaceX and other IPOs generate more than $74 billion in Q2 2026
• Dozens of IPOs are still in the pipeline, including OpenAI and Anthropic

Record quarter for wealth management

In the second quarter of 2026, Morgan Stanley’s wealth management division attracted more new money than ever before. Net inflows of new assets amount to $148 billion, visibly above previous quarterly peaks from 2021 and 2022. This is according to the company’s own figures, supplemented with data from Visible Alpha and Bloomberg.

A large part of those inflows can be attributed to IPOs. SpaceX is the most prominent name in this regard: the IPO of Elon Musk’s space company contributes significantly to the more than $74 billion coming in through IPOs. Thanks to these inflows, Morgan Stanley’s total client assets rise above $10 trillion, a threshold the company has never crossed before.

Dozens of IPOs still to come

The head of Morgan Stanley at Work says dozens of IPOs are still in the pipeline. This suggests the stream of new inflows is unlikely to dry up for the time being. Among the companies considering an IPO are two of the most famous names in the world of artificial intelligence: OpenAI and Anthropic.

The chart of total client assets shows that growth has continued for years. Both wealth management and investment management are growing steadily, but the acceleration in recent quarters is clearly visible. The combined total of both segments reaches just above $10 trillion in Q2 2026.