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Ad Home / Crypto News / Citi Tops Global IPO Underwriting, Overtakes Goldman Sachs After SpaceX, SK Hynix, NSE Listings Citi Tops Global IPO Underwriting, Overtakes Goldman Sachs After SpaceX, SK Hynix, NSE Listings 06 Oct, 2026 By Varinder Singh Varinder Singh
Expertise : Bitcoin, Crypto, Global Macro, DeFi, Blockchain, Web3, US Stocks, AI, Regulations and Lawsuits, & More Varinder is a seasoned leader in the fintech and crypto media with over 13 years of experience, including over 7 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 6000 news articles and papers. Read full bio Copied! Why Trust CoinGape CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information. Highlights
Citi has overtaken Goldman Sachs to become the top firm in global IPO underwriting through September. The move follows listings such as SpaceX, SK Hynix, and the National Stock Exchange of India (NSE), some of the biggest share sales in Asia and the US
Citigroup Inc. has claimed the top position in global IPO underwriting for the year through September, narrowly overtaking Goldman Sachs Group, Bloomberg reported on October 6. However, Goldman Sachs remained the top firm for equity offerings, a broader measure that also includes deals such as block trades and follow-on share sales
The paradigm shift follows the bank’s roles in major share sales across Asia and the United States. Citi’s advance rests on three high-profile IPOs
It worked on the National Stock Exchange of India’s $2.4 billion listing in September, one of the largest deals in the country’s history. It also served as lead global coordinator on SK Hynix’s $26.5 billion Nasdaq listing in July, the biggest U.S. share sale ever by a foreign company
Citi also played a book-running role on SpaceX’s June offering, which raised about $86 billion and stands as the largest IPO on record. Some of the recent IPOs were fueled by demand for semiconductor capacity tied to artificial intelligence (AI) infrastructure
While Goldman Sachs and Morgan Stanley were the two leading underwriters for SpaceX IPO, Citi’s participation still contributed meaningful volume. Citi thinks SpaceX stock could hit a $12 trillion valuation one day
Citigroup’s rise to the top of global IPO underwriting is also driven by aggressive talent recruitment and structural expansion in its equity capital markets (ECM) business
The bank has hired many senior investment bankers globally. Last year, Citi hired Charlie Black from Goldman as head of North America technology ECM, and Bernal J. Vargas III from JPMorgan Chase & Co. as head of ECM in North America. It also named Rob Chan as head of ECM syndication in Asia
Citigroup is also expanding into other areas, especially crypto and blockchain. Citi plans to launch digital asset custody later this year, starting with Bitcoin
Also, Citi raised its Bitcoin target to $113,000 and its Ethereum target to $3,028 for the next 12 months. The bank expects about $5 billion in crypto inflows, supported by a gradual return of ETF and institutional demand
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information
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