Quick overview

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Jamie Dimon, the CEO of JPMorgan Chase, will address thousands of the bank’s wealthy clients about the impending SpaceX IPO as part of an unprecedented nationwide campaign coordinated with the rocket maker’s executives.

 

Chief Executive Officer Jamie Dimon will speak with thousands of the bank’s high-net-worth clients this week about the impending SpaceX IPO. According to invitations obtained by Bloomberg, Dimon will host a “live interactive discussion” from JPMorgan’s headquarters on Thursday.

The CEO of the bank’s asset and wealth management division, Mary Callahan Erdoes, and two SpaceX executives, President Gwynne Shotwell and Chief Financial Officer

Bret Johnsen will accompany him. According to a person familiar with the situation, the event will be simulcast to roughly 90 JPMorgan locations in 26 states. The person, who asked to remain anonymous when discussing the specifics, stated that over 2,500 of the bank’s customers are anticipated to attend.

Space Exploration Technologies Corp., the billionaire’s rocket, satellite, and artificial intelligence company. is aiming for a valuation of roughly $1.8 trillion when it goes public later this month, according to Bloomberg. IPO activity has increased due to the excitement surrounding SpaceX, and OpenAI and Anthropic are also preparing to go public.

The Goldman Sachs Group, Inc. was chosen last month, along with Morgan Stanley, long regarded as Musk’s banker, to serve as the lead bank for the SpaceX listing. JPMorgan and Bank of America Corp. and Citigroup, Inc. are among the 23 banks involved in the listing. Given the bank’s turbulent past with SpaceX CEO Musk, JPMorgan’s involvement is noteworthy. The company filed a lawsuit against Musk’s electric vehicle manufacturer, Tesla Inc., in 2021 over several stock-warrant transactions affected by the billionaire’s brief attempt to privatize the company. Soon after, Tesla filed a countersuit, but the parties decided to end the legal action.