JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon plans to discuss the upcoming SpaceX initial public offering with thousands of the bank’s high-net-worth clients, part of an unprecedented nationwide push in coordination with the rocket maker’s leaders.
Dimon will host a “live interactive discussion” Thursday from JPMorgan’s headquarters, according to invitations seen by Bloomberg. He will be joined by Mary Callahan Erdoes, the CEO of the bank’s asset and wealth management division, and a pair of SpaceX executives: President Gwynne Shotwell and Chief Financial Officer Bret Johnsen.
The event will be simulcast to about 90 JPMorgan locations across 26 states, according to a person familiar with the matter. More than 2,500 of the bank’s clients are expected to attend, the person said, asking not to be identified discussing the private details.
While it’s not uncommon for banks to host roadshow events for investors ahead of an IPO, the extraordinary scope of JPMorgan’s push underscores the massive demand for what is likely to be the biggest ever market debut. The appeal to retail investors, in particular, reflects the importance of that cohort to Elon Musk’s business empire.
The billionaire’s rocket, satellite and artificial intelligence company, formally known as Space Exploration Technologies Corp., is seeking to raise $75 billion when it goes public next week at a target valuation of almost $1.77 trillion. The hype around SpaceX has helped drive a resurgence in IPO activity, with OpenAI and Anthropic also preparing to go public.
The share sale is set for June 11 and SpaceX is expected to begin trading the following day, according to terms of the deal seen by Bloomberg News.
Goldman Sachs Group Inc. was selected last month as the lead bank for the SpaceX listing alongside Morgan Stanley, long seen as the banker to Musk. JPMorgan, Bank of America Corp. and Citigroup Inc. are also among the 23 banks working on the listing.
Like JPMorgan, Bank of America has its own client event planned during which Co-President Jim De Mare will speak with Shotwell and Johnsen, according to a person familiar with the plans. More than 5,000 clients across its private bank and Merrill Lynch have been invited to watch the Thursday conversation, which will be streamed to offices across the US, the person said.
JPMorgan’s involvement is notable in light of the bank’s tumultuous history with Musk, SpaceX’s CEO. The firm sued Musk’s electric-car maker Tesla Inc. in 2021 over a series of stock-warrant transactions affected by the billionaire’s short-lived attempt to take the EV manufacturer private.
While Tesla countersued soon thereafter, the two sides agreed to drop the litigation in November 2024. Dimon joked months later that he had “hugged it out” with Musk, and vowed to be helpful to him and his companies going forward.
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