JPMorgan’s Jamie Dimon to pitch Elon Musk’s SpaceX – Business News
JPMorgan Chase CEO Jamie Dimon will lead an unprecedented nationwide pitch for SpaceX’s huge initial public offering to hundreds of the bank’s wealthiest purchasers on Thursday night, two sources accustomed to the matter advised The Post.
The stay interactive dialogue, first reported by Bloomberg, will happen from the bank’s $3 billion new headquarters at 270 Park Ave. in Midtown Manhattan.
It will function Dimon, JPMorgan wealth management chief Mary Callahan Erdoes, and retail boss Marianne Lake, a source mentioned.
Jamie Dimon is set to participate within the SpaceX IPO occasion on Thursday night time. Bloomberg by way of Getty Images
Company insiders mentioned more than 2,500 purchasers will pack the in-person classes and a champagne reception whereas the dialog streams stay to about 90 JPMorgan places throughout 26 states, together with some native branches.
“It’s going to be an iconic IPO,” mentioned one source. “It changes the whole process and the way the investors are targeted.”
The individual added that the involvement of the bank’s retail arm was geared toward “democratizing” mega-bucks stock market debuts.
A JPMorgan spokeswoman declined to remark.
SpaceX goals to raise a gorgeous $75 billion — the most important IPO haul in historical past — at a goal valuation of about $1.75 trillion.
That would immediately rank the rocket, satellite tv for pc, and artificial intelligence powerhouse among the many 10 most dear publicly traded U.S. corporations — and doubtlessly make founder Elon Musk the world’s first trillionaire.
SpaceX set the share price at $135, bypassing the standard Wall Street back-and-forth that lets banks and buyers haggle over worth.
Elon Musk, seen right here with President Trump, is hoping the IPO will help energy investments in AI, Starlink technology and more SpaceX launches. Getty Images
The company plans to sell about 556 million shares on Nasdaq underneath the ticker SPCX, with the offering closing on June 11 and trading beginning the subsequent day.
Proceeds are set to fuel more rocket launches, Starlink satellite tv for pc growth and AI infrastructure.
JPMorgan’s push to attract common rich buyers stands out as extremely uncommon as a result of banks usually restrict IPO roadshows to huge institutional funds and use them primarily to gauge demand and set costs.
This time, JPMorgan and rival Bank of America are going straight to their private-banking purchasers in a coordinated blitz with SpaceX leaders.
JPMorgan is internet hosting the SpaceX occasion at its new Park Avenue HQ, which celebrated King Charles III’s birthday earlier this yr. Christopher Sadowski for NY Post
JPMorgan is one of 23 banks engaged on the deal, with Goldman Sachs and Morgan Stanley serving as lead underwriters.
International banks together with Japan’s Mizuho, Deutsche Bank, UBS and Barclays are additionally courting wealthy particular person consumers of their home nations.
The frenzy displays huge pleasure round Musk’s empire. Investors have flooded in, drawn by his observe file of turning daring concepts into multibillion-dollar realities.
The IPO hype has already sparked a broader comeback in new stock listings, with OpenAI and Anthropic racing to go public later this yr.
JPMorgan’s involvement marks a hanging turnaround within the bank’s relationship with Musk’s web of corporations.
The bank sued Musk’s Tesla in 2021 over stock-warrant offers tied to his short-lived plan to take the electric-car maker personal. Tesla countersued, and the 2 sides dropped the battle in late 2024.
Dimon, who was 13 when Neil Armstrong’s Apollo 11 landed on the moon in 1969, later quipped that he and Musk had “hugged it out” and pledged to assist the tech titan’s corporations.
SpaceX, formally generally known as Space Exploration Technologies Corp., booked $18.7 billion in income final yr however posted a $4.9 billion internet loss because it continued to pour money into formidable growth.
Musk is set to keep tight control after the IPO by means of particular Class B shares carrying 82 p.c of the voting energy.
For Wall Street, the deal guarantees lots of of hundreds of thousands in charges. For purchasers, it affords a uncommon shot at proudly owning a slice of the company that launches astronauts, powers international web from orbit, and fuels Musk’s AI ambitions.
