Goldman Sachs CEO Hails SpaceX IPO and 'Innovation Supercycle' in Annual Intern Welcome Letter

Goldman Sachs CEO David Solomon used his annual welcome letter to incoming summer interns to mark what he called a singular moment in financial history — anchored by Goldman's role as lead left bookrunner on SpaceX's $75 billion IPO, the largest ever brought to market. Solomon framed the milestone not just as a trophy transaction but as evidence of a broader shift he's calling an 'innovation supercycle,' driven by AI, strategic consolidation, and record-breaking market activity.

The letter, sent firm-wide on Friday, pointed to global M&A volumes already exceeding $2.6 trillion in 2025 — a pace fueled by AI-driven dealmaking and industry consolidation — alongside trading volumes hitting all-time highs as clients navigate an unusually volatile risk environment. Dan Dees, co-head of global banking and markets, echoed Solomon's tone at an intern orientation the prior week, describing the ambition and pace of Goldman's client base as 'staggering.'

This year's intern class numbers around 2,500 — slightly down from 2,600 last year — and was selected from an applicant pool so competitive the acceptance rate sits below 1%. Interns began arriving in two cohorts, on June 1 and June 8. Solomon has sent a similar welcome note annually since 2019, and last year's message about constant change proved prescient given the transformation that followed — including shifts to the intern program itself.

Solomon's letter emphasized Goldman's identity as an institution that has consistently leaned into change rather than resisted it, positioning the interns as entering at a rare inflection point where landmark, first-of-their-kind transactions are becoming routine. The SpaceX IPO — long anticipated as a potential market-defining event — serves as the centerpiece example of that thesis.