JPMorgan Chase Simulcast Woos Wealthy Investors for Record SpaceX IPO

JPMorgan Chase CEO Jamie Dimon will host a discussion about SpaceX’s initial public offering that will be simulcast to 90 of the bank’s locations in 26 states, Bloomberg reported Wednesday (June 3), citing an unnamed source.

The discussion, which is scheduled for Thursday (June 4), is expected to reach 2,500 of the bank’s high-net-worth clients, according to the report.

Reached by PYMNTS, JPMorgan Chase declined to comment on the report.

According to the Bloomberg report, while banks often hold roadshow events ahead of an IPO, this event has an “extraordinary scope” that reflects demand for SpaceX’s market debut, which is likely to be the biggest ever as it targets a valuation of $1.8 trillion, and the importance of retail investors to Elon Musk’s companies.

JPMorgan Chase is one of 23 banks working on the SpaceX listing, per the report.

Reuters also reported about the discussion Wednesday, saying that it will be the bank’s first such event at this scale. The event’s focus on retail investors is “highly unusual,” the report said.

SpaceX said Wednesday in an amended filing with the Securities and Exchange Commission (SEC) that it expects to price its IPO at $135 per share and receive $74.4 billion of net proceeds from the offering, or $85.7 billion if the underwriters exercise their option to purchase additional shares.

“We intend to use the net proceeds from this offering to fund our growth strategy, including the expansion of our AI compute infrastructure, enhancements to our launch infrastructure and launch vehicles, increases in the scale and capacity of our satellite constellations, and any remaining amounts for general corporate purposes,” SpaceX said in the filing.

PYMNTS reported in May that according to the SpaceX IPO filing, the next AI narrative cycle is about power, cooling, chips, connectivity, launch capacity and sovereign compute.

Reuters reported Wednesday that SpaceX broke with Wall Street norms by setting its IPO price a week early and bypassing the usual price-discovery process.

The report said that raising $75 billion would make this the most ever for an IPO and that achieving a valuation of $1.75 trillion would rank SpaceX among the top 10 most valuable U.S.-listed companies.

Trading in SpaceX shares is set to begin on the Nasdaq on June 12, according to the report.