JPMorgan CEO Jamie Dimon hosted a live interactive session on June 4 from the bank’s New York headquarters to promote SpaceX’s upcoming initial public offering (IPO) to thousands of the bank’s high-net-worth clients [1, 2, 3, 4, 5]. The event was simulcast to 90 JPMorgan branches across 26 states and drew more than 2,500 clients [2, 4].
SpaceX executives Gwynne Shotwell, president, and Bret Johnsen, chief financial officer, joined Dimon alongside Mary Callahan Erdoes, JPMorgan’s CEO of asset and wealth management [2, 4]. Johnsen also featured in a 17-minute IPO pitch video aimed at retail investors, explaining how SpaceX’s rocket, satellite, and AI businesses integrate [6].
The SpaceX IPO targets a valuation near $1.8 trillion, aiming to raise about $75 billion in fresh capital [2, 4, 5]. The company has allocated roughly 30% of shares to retail investors worldwide, opening up wider access beyond institutional investors [6, 5]. Fidelity and E-Trade announced special eligibility rules, including a $2,000 minimum account to participate in the offering [5].
Among 23 banks backing the IPO, JPMorgan is a key participant alongside Goldman Sachs and Morgan Stanley, with Goldman Sachs serving as lead underwriter [2, 4, 5]. The event indicated a continued strengthening of JPMorgan’s relationship with Elon Musk after a previous legal dispute involving Tesla stock that was settled in November 2024 [2, 4]. Dimon described Musk as “the Edison of our time” [5].
Musk made a remote appearance at the IPO roadshow, outlining bold plans for SpaceX’s future including solar power ventures, moon hotels, and terraforming Mars. He said, “I think it would be pretty cool if you could vacation on the moon,” and added, “If you warm up Mars, you could one day make Mars like Earth, meaning with liquid oceans and life, and where you could walk outside without a space suit or anything. Mars is a fixer-upper of a planet, but it's got a lot of potential.” [5]
SpaceX officially announced its public offering and released the pitch video for retail investors on June 3 [6, 5]. The IPO is expected to officially launch later this month, aimed at raising $75 billion and valuing the company near $1.8 trillion [2, 4, 5].
