JPMorgans Jamie Dimon to pitch Elon Musks SpaceX IPO to uber-rich clients
JPMorgan Chase CEO Jamie Dimon will lead an unprecedented nationwide pitch for SpaceX’s massive initial public offering to thousands of the bank’s wealthiest clients on Thursday evening, two sources familiar with the matter told The Post.The live interactive discussion, first reported by Bloomberg, will take place from the bank’s $3 billion new headquarters at 270 Park Ave.in Midtown Manhattan.It will feature Dimon, JPMorgan wealth management chief Mary Callahan Erdoes, and retail boss Marianne Lake, a source said.Company insiders said more than 2,500 clients will pack the in-person sessions and a champagne reception while the conversation streams live to about 90 JPMorgan locations across 26 states, including some local branches.“It’s going to be an iconic IPO,” said one source.
“It changes the whole process and the way the investors are targeted.”The person added that the involvement of the bank’s retail arm was aimed at “democratizing” mega-bucks stock market debuts.SpaceX aims to raise a stunning $75 billion — the largest IPO haul in history — at a target valuation of about $1.75 trillion.That would instantly rank the rocket, satellite, and artificial intelligence powerhouse among the 10 most valuable publicly traded U.S.companies — and potentially make founder Elon Musk the world’s first trillionaire.SpaceX set the share price at $135, bypassing the usual Wall Street back-and-forth that lets banks and investors haggle over value.
The company plans to sell about 556 million shares on Nasdaq under the ticker SPCX, with the offering closing on June 11 and trading starting the next day.Proceeds are set to fuel more rocket launches, Starlink satellite expansion and AI infrastructure.JPMorgan’s push to draw in regular wealthy investors stands out as highly unusual because banks typically limit IPO roadshows to big institutional funds and use them mainly to gauge demand and set prices.This time, JPMorgan and rival Bank of America are ...