JPMorgan chief executive Jamie Dimon is set to personally pitch the upcoming SpaceX initial public offering to the bank's high-net-worth clients, according to Bloomberg. The move stands out because JPMorgan is not the lead bank on the deal, a position held by Goldman Sachs and some other banks.
According to invitations seen by Bloomberg, Dimon is hosting an interactive discussion with SpaceX executives. The event will be cast to 90 JPMorgan locations across 26 states, with thousands of the bank's high-net-worth individuals expected to join the session as the offering draws closer.
Commentators on Bloomberg noted that the fact Dimon himself is making the pitch is notable, given that JPMorgan does not hold the lead-left role on the offering. They suggested the personal involvement of one of Wall Street's most prominent bank chiefs underscored how significant the deal is seen to be.
The IPO also comes with a price tag that is already fixed, which observers said was unusual. They added that it carries the potential for much bigger participation from retail investors, based on the shares being directed to them, and noted the large amount of stock that would need to be absorbed by buyers without existing exposure.
SpaceX is not a typical newcomer to public markets. According to the discussion on Bloomberg, the company was founded around 24 years ago and has remained in private markets for two decades, making its planned listing one of the most closely watched stock market debuts in recent memory.
The company is coming to market looking to raise about 75 billion dollars, which, as noted on Bloomberg, is a multiple of the largest IPO ever seen. Commentators said demand for the offering is so high that it has reshaped expectations for what a public listing of this size can achieve.
The pitch also reflects the evolving relationship between Dimon and SpaceX founder Elon Musk. Bloomberg noted that the two men have had past disputes and lawsuits, but recalled that Dimon once described Musk as the Einstein of our generation at Davos, which made his decision to take a personal role in the pitch less surprising.