Wall Street firms are organizing a sequence of high-profile client events this week and next tied to the impending SpaceX initial public offering, as banks aim to secure allocations for affluent customers seeking exposure to the planned deal.
The IPO, scheduled for next week, intends to raise $75 billion and would place a $1.75 trillion valuation on SpaceX if successful. That prospect has prompted activity across the wealth management and investment banking ranks, where institutions are positioning themselves to distribute shares to private clients.
Bank of America, which is leading the U.S. retail distribution effort for the offering, has prepared a Thursday event for its wealth management clientele. The bank has also adorned its midtown Manhattan headquarters near Bryant Park with SpaceX imagery throughout the lobby, according to a source familiar with the matter. On Thursday evening the bank plans to illuminate the building's spire in a presentation designed to evoke a rocket taking off.
The Bank of America presentation will be hosted by Co-President Jim DeMare and will feature SpaceX President and Chief Operating Officer Gwynne Shotwell along with SpaceX Chief Financial Officer Bret Johnsen discussing details of the upcoming IPO.
JPMorgan is staging a comparable event on Thursday featuring the same SpaceX executives, led by JPMorgan CEO Jamie Dimon. The gathering is expected to draw more than 2,500 clients and represents the first event at the bank on this scale related to the offering.
Across Bank of America's private bank and Merrill Lynch operations, the bank has invited in excess of 5,000 clients to market launch parties. Those events will be hosted by the bank and streamed to offices across the United States as part of Merrill's participation in the outreach.
Morgan Stanley is scheduling its wealth management event for the coming Monday. The bank has invited its top financial advisors to hear directly from SpaceX executives. Morgan Stanley's session will be led by Jed Finn, head of wealth management, along with Kate Claassen, the lead banker on the IPO.
These coordinated, large-scale presentations highlight how banks are mobilizing senior leadership and distribution networks to engage high-net-worth clients ahead of the deal. Executives from the banks and from SpaceX are set to appear at multiple events that aim to inform and potentially allocate shares to private clients as the IPO approaches.
Event participants named in the outreach:
- SpaceX President and COO - Gwynne Shotwell
- SpaceX CFO - Bret Johnsen
- Bank of America Co-President - Jim DeMare
- JPMorgan CEO - Jamie Dimon
- Morgan Stanley head of wealth management - Jed Finn
- Morgan Stanley lead IPO banker - Kate Claassen
The coming week will be closely watched by wealth clients and their advisors as the banks present information and attempt to manage demand ahead of the scheduled IPO launch.