SpaceX, Elon Musk’s space exploration, satellite internet, and AI company, is targeting a $75 billion raise at a valuation of $1.75 trillion in what would rank among the ten most valuable U.S. companies.
That figure would place SpaceX ahead of Tesla, making the IPO one of the most consequential market events in years.
JPMorgan Chase (NYSE: JPM) CEO Jamie Dimon is set to speak at a special Thursday evening event designed to pitch the offering to the bank’s high-net-worth clients and retail investors.
Dimon will appear alongside SpaceX COO Gwynne Shotwell and CFO Bret Johnson, an unusual move for a banking executive of his standing.
Dimon has also been pushing to leverage JPMorgan’s branch network of roughly 5,000 locations to help support the offering across a broader investor base.
Bank of America is hosting a similar event featuring Shotwell and Johnson to pitch the stock directly to its own clients.
A total of 23 banks are reportedly participating in the offering, led by Goldman Sachs and Morgan Stanley, with underwriting fees expected to reach around $500 million.
The sheer scale of banker involvement signals how much Wall Street has riding on the deal’s success, particularly as market valuations look stretched and concerns about an AI bubble persist.
Offerings from Anthropic and OpenAI are waiting in the wings, meaning a stumble from SpaceX could cast a shadow over the broader IPO pipeline for the rest of the year.
SpaceX’s last direct funding round came in January 2023, when the company was valued at $137 billion, with subsequent tender offers and its February merger with xAI implying a valuation of $1.25 trillion before this offering.
Critics have noted that several standard IPO conventions are being bypassed, including buyer input on pricing, and SpaceX does not meet multiple S&P 500 requirements, among them the requirement for GAAP profitability.
Index funds are nonetheless reportedly adding SpaceX stock at Musk’s demand, raising further questions about the precedents being set around this deal.
History offers a cautionary note, as major IPOs including Meta Platforms, then known as Facebook, and Uber both fell sharply in price shortly after their market debuts.
The fact that top-tier bankers like Dimon are personally headlining the sales effort may suggest that the offering requires more active promotion than its headline valuation alone can generate.
