Elon Musk’s SpaceX IPO is being pitched to two very different crowds this week, with JPMorgan CEO Jamie Dimon personally addressing 2,500 of the bank’s wealthiest clients on Thursday.

The JPMorgan Chase & Co. (NYSE:JPM) chief will host the live event from the bank’s New York headquarters, simulcast to roughly 90 locations across 26 states, according to Bloomberg.

Joining Dimon will be Mary Callahan Erdoes, who runs the bank’s asset and wealth management arm, alongside SpaceX President Gwynne Shotwell and CFO Bret Johnsen.

Bank of America Corp. (NYSE:BAC) has reportedly arranged a parallel pitch for more than 5,000 invitees across its private bank and Merrill Lynch divisions.

Mizuho, Deutsche Bank, UBS and Barclays have reportedly been directed to court wealthy individual buyers in their home markets.

SpaceX Priced At $135 A Share

SpaceX priced its share sale at $135 per share on Wednesday, raising roughly $75 billion at a $1.75 trillion valuation when trading opens on the Nasdaq June 12.

The filing specifies exactly 555,555,555 shares, joining the list of Musk-flavored numerology that previously included 420 and 69.

That would make it the largest IPO in history. SpaceX reported $18.7 billion in 2025 revenue and a $2.6 billion operating loss, putting the deal at roughly 90 times sales.

Morningstar argued today that SpaceX is likely to trade cheaper a few months in, once insider lockups expire and more shares hit the market.

The Retail Carve-Out Comes With A Catch

SpaceX is reportedly carving out up to 30% of the offering for retail investors via Robinhood Markets (NASDAQ:HOOD), Charles Schwab, Fidelity, SoFi and E*TRADE, roughly triple the usual retail slice.

The headline number may overstate what smaller investors can actually access.

Charles Schwab requires an account minimum of $100,000, and E*TRADE reportedly favors Morgan Stanley’s ultra-high-net-worth clients in its internal allocation ranking.

That leaves Robinhood and SoFi as the main entry points for smaller accounts. Both allocate shares by lottery, meaning an investor with a few hundred dollars to spare may end up with zero fills when trading opens.

The ETF Spaghetti Cannon Is Already Firing

A wave of new exchange-traded funds is being launched to track SpaceX once it lists, some of them leveraged, with Morningstar’s Ben Johnson describing the rollout as an “ETF spaghetti cannon” firing into a speculative frenzy before the stock even trades.

Polymarket traders are pricing a 92% chance of a listing before June 15, alongside an 83% chance SpaceX finishes 2026 as the largest IPO by market cap.

Robinhood last week began letting customers’ AI agents trade on their behalf, meaning some lottery tickets may be placed by bots.

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