SpaceX to Launch $75B IPO Open to Retail Investors
JPMorgan Chase CEO Jamie Dimon will lead a discussion on SpaceX’s initial public offering at the bank’s Midtown Manhattan headquarters. The session will stream to 90 locations across 26 states.
New York PostJPMorgan Chase CEO Jamie Dimon will lead a live discussion on SpaceX’s initial public offering for more than 2,500 of the bank’s wealthiest clients on Thursday evening. The session will be held at the bank’s new $3 billion headquarters at 270 Park Ave. in Midtown Manhattan and will include wealth management chief Mary Callahan Erdoes and retail boss Marianne Lake.
Company insiders said the in-person portion will also feature a champagne reception. The conversation will stream live to about 90 JPMorgan locations across 26 states, including some local branches. Bank of America has arranged a parallel pitch event for more than 5,000 invitees across its private bank and Merrill Lynch divisions.
SpaceX set the share price at $135 and plans to sell about 556 million shares on Nasdaq under the ticker SPCX. The offering is scheduled to close on June 11, with trading beginning the next day. JPMorgan is one of 23 banks working on the deal.
Goldman Sachs and Morgan Stanley are serving as lead underwriters. International banks including Japan’s Mizuho, Deutsche Bank, UBS and Barclays are courting wealthy individual buyers in their home countries. Proceeds are set to fund additional rocket launches, Starlink satellite expansion and AI infrastructure.
Founder Elon Musk will retain control through special Class B shares carrying 82 percent of the voting power. The bank’s involvement follows a legal dispute with another Musk company. JPMorgan sued Tesla in 2021 over stock-warrant deals tied to a plan to take the electric-car maker private.
Tesla countersued, and the two sides dropped the fight in late 2024. Dimon, who was 13 when Neil Armstrong’s Apollo 11 landed on the moon in 1969, later said he and Musk had “hugged it out” and pledged to support the tech titan’s companies. “It’s going to be an iconic IPO,” one source said.
The person added that the involvement of the bank’s retail arm was aimed at “democratizing” mega-bucks stock market debuts. One source described the event as an effort to bring retail clients into large IPOs that have traditionally been limited to institutional investors.
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