Key facts
- Wall Street banks are hosting investor events for SpaceX ahead of its IPO.
- Bank of America, JPMorgan, and Morgan Stanley are organizing these events.
- SpaceX plans to raise a record $75 billion in its IPO.
- The company is expected to have a market capitalization of $1.75 trillion.
- Elon Musk spoke virtually at a JPMorgan event.
- SpaceX executives Gwynne Shotwell and Bret Johnsen are attending events.
Wall Street investment banks are hosting investor events for SpaceX ahead of its anticipated initial public offering (IPO). Banks including Bank of America, JPMorgan, and Morgan Stanley are organizing these events, offering potential buyers access to SpaceX's leadership. Elon Musk spoke virtually at a JPMorgan event, stating the company needs capital for a 'massive new growth phase' and that revenue projections are 'much more predictable.' SpaceX President Gwynne Shotwell and CFO Bret Johnsen attended JPMorgan's event in person. Bank of America is leading the U.S. retail distribution effort and is hosting events with Shotwell and Johnsen, inviting over 5,000 clients. Morgan Stanley will host an event for its wealth management clients featuring SpaceX executives, lead IPO banker Kate Claassen, and wealth management head Jed Finn. Goldman Sachs is showcasing SpaceX model rockets in its lobbies. The IPO is expected to raise a record $75 billion, with a projected market capitalization of $1.75 trillion, making it one of the world's most valuable listed companies. The valuation is based on ambitious concepts like colonizing Mars and establishing space-based data centers. The company's valuation has reached $180 billion according to sources close to the matter.