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 going straight to their private-banking clients in a coordinated blitz with SpaceX leaders.
JPMorgan is one of 23 banks working on the deal, with Goldman Sachs and Morgan Stanley serving as lead underwriters.
International banks including Japan’s Mizuho, Deutsche Bank, UBS and Barclays are also courting rich individual buyers in their home countries.
The frenzy reflects massive excitement around Musk’s empire. Investors have flooded in, drawn by his track record of turning bold ideas 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 year.
JPMorgan’s involvement marks a striking turnaround in the bank’s relationship with Musk’s web of companies.
The bank sued Musk’s Tesla in 2021 over stock-warrant deals tied to his short-lived 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 quipped that he and Musk had “hugged it out” and pledged to support the tech titan’s companies.
SpaceX, formally known as Space Exploration Technologies Corp., booked $18.7 billion in revenue last year but posted a $4.9 billion net loss as it continued to pour money into ambitious growth.
Musk is set to keep tight control after the IPO through special Class B shares carrying 82 percent of the voting power.
For Wall Street, the deal promises hundreds of millions in fees. For clients, it offers a rare shot at owning a slice of the company that launches astronauts, powers global internet from orbit, and fuels Musk’s AI ambitions.
