How Banks Are Using the SpaceX IPO to Woo the Super Rich

On the 51st floor of JPMorgan’s gleaming Midtown headquarters, 350 wealthy investors gathered last week to hear directly from Elon Musk about his public offering of SpaceX.Seated in the front row were the billionaires Robert Kraft, the New England Patriots owner, and Kenneth Langone, the Home Depot founder.Jamie Dimon, JPMorgan’s chief executive, told the people gathered that night that they were part of the “democratization of finance,” where individual investors are being treated the same as hedge funds and other big players.“In my view, it’s a wonderful thing to do,’’ Mr.

Dimon said.It also showcased the growing importance of the richest investors to Wall Street banks in an economy where a few individuals have accumulated vast fortunes.Nearly two dozen banks and brokerage firms are set to reap more than $500 million in fees from this week’s SpaceX I.P.O., the largest such payout ever.But perhaps just as important — or maybe more important to some banks — is the opportunity the I.P.O.

gives them to nurture their relationships with their richest clients and develop new ones.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....