Last year notched a comeback for initial public offerings, and the resurgence greatly boosted capital markets profits at the big name financial institutions, and helped generate a banner year for investment banker bonuses. But now a single IPO is poised to raise more money alone than all 90 of last year’s IPOs, combined—and that means Wall Street will make more money, too.

This super-whale is none other than Elon Musk’s SpaceX, which just mushroomed in size via its all-stock acquisition of another bastion of the tech titan’s empire, xAI, creator of the chatbot Grok. News that Musk planned an IPO for SpaceX emerged in December, around the time a new funding round valued the rocket…