JPMorgan's Jamie Dimon to flex massive branch network in SpaceX IPO pitch

JPMorgan (JPM) is hosting a large capitalist lawsuit connected Thursday evening to get SpaceX's (SPAX.PVT) IPO successful beforehand of its basal of high-net-worth clients and mundane investors.

Longtime CEO Jamie Dimon volition talk astatine the lawsuit from JPMorgan's Manhattan headquarters. The lawsuit volition beryllium broadcast crossed 90 backstage slope offices and prime brick-and-mortar branches, according to radical briefed connected the matter. Dimon has been adamant that JPMorgan leverage its 5,000-location subdivision web to drum up much capitalist involvement successful the IPO, according to a idiosyncratic briefed.

Dimon's cardinal lieutenants, Mary Erdoes and Marianne Lake, heads of JPMorgan's plus and wealthiness part and sprawling user bank, respectively, are expected to speak. SpaceX COO Gwynne Shotwell and CFO Bret Johnson volition besides beryllium present.

Bank of America (BAC) volition besides big a fireside chat with Shotwell and Johnson this week. The lawsuit is aimed astatine organizing BofA's monolithic fiscal advisor web and high-net-worth clients of its backstage bank. It volition beryllium live-streamed crossed respective of the bank's cardinal markets and Merrill offices.

Both efforts underscore however the nation's largest banks are readying investors for what's acceptable to beryllium the biggest nationalist listing ever.

SpaceX confirmed successful a regulatory filing connected Wednesday that it's seeking to rise astatine slightest $75 cardinal successful proceeds. The rocket shaper is looking to rise acold much superior from retail investors than the humanities standard, according to a idiosyncratic briefed connected the matter. It's perchance allocating 30% of shares to retail investors, compared to 10% for astir IPOs.

At SpaceX's request, definite shares volition beryllium made disposable done retail investing platforms, including Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E*TRADE.

The institution has lined up JPMorgan, Bank of America, and 21 different banks for the IPO, with Goldman Sachs (GS) and Morgan Stanley (MS) taking pb positions. Typical IPO underwriting fees scope from 4%-7% of the superior raised. Given the size of the listing, SpaceX is presently negotiating an unusually slim interest of perchance little than 0.75%, according to a idiosyncratic acquainted with the deal.

But the monolithic magnitude raised is inactive expected to construe to a important windfall for bankers. Bloomberg earlier reported connected the slope fees and roadshow events.

The large transportation isn't conscionable astir this deal's fees either. JPMorgan and different banks are looking to onshore cardinal roles successful the IPOs of AI exemplary makers Anthropic (ANTH.PVT) and OpenAI (OPAI.PVT), expected aboriginal this year.