Goldman Sachs Records $450 Million Charity Expense After SpaceX IPO Gains

Goldman Sachs recorded approximately $450 million in charitable contributions during the third quarter after wealthy clients generated large gains from SpaceX’s public listing, reducing the bank’s diluted earnings per share by about $1.

The bank disclosed the contribution Tuesday as part of its third-quarter results. SpaceX went public earlier this year at a $1.77 trillion valuation.

Goldman Sachs helped wealthy clients invest in SpaceX more than five years ago. When those clients sold shares after the listing, they generated large gains, while Goldman Sachs received a share of several hundred million dollars.

Goldman Sachs CEO David Solomon indicated in September that the bank might accelerate charitable giving from the proceeds because doing so would be more tax-efficient.