Goldman Sachs’s Manhattan headquarters has been turned into a SpaceX-themed showcase, while Bank of America is planning to illuminate the spire atop its Midtown office like a rocket launch. JPMorgan Chase, meanwhile, hosted a massive SpaceX sales pitch at its Park Avenue headquarters, broadcasting the event to 90 branches and offices across 26 states and drawing thousands of clients. The extraordinary Wall Street push reflects the scale of SpaceX’s upcoming initial public offering, which bankers say is shaping up to be the largest in history.
SpaceX, Elon Musk’s rocket company and artificial intelligence firm, has set its IPO price at $135 per share, valuing the company at $1.77 trillion. The offering is expected to raise $74.4 billion, far surpassing the current record held by Saudi Aramco. For the 23 banks and brokerage firms selling the deal, the stakes are enormous: more than $500 million in fees, plus the reputational payoff of helping deliver a successful debut for one of the most closely watched offerings ever.
The sales effort has reached deep into the investment world, from large asset managers such as BlackRock to retail investors on Reddit. Bankers are using a mix of private meetings, webinars, and training sessions to promote the deal. Unlike a traditional IPO roadshow, which often involves a broad tour of investors, SpaceX is holding more discreet presentations for major buyers in Manhattan. Morgan Stanley and Goldman Sachs are expected to lead private pitches in the coming days.
The company’s message is centered on Musk himself, whose reputation as a visionary entrepreneur is a major selling point. Investors are being asked to view SpaceX as a long-term bet on transformative technology and even the future colonization of Mars. The banks are also taking a firm stance on pricing, offering the shares at a fixed $135 with no negotiation range, meaning investors must accept the price or pass on the deal.
SpaceX has also departed from a common IPO practice by not disclosing detailed quarterly earnings in its registration materials, suggesting it wants investors to focus on long-term growth rather than short-term performance. Analysts say the move underscores the company’s confidence and the unusual nature of the offering.
Retail investors are expected to account for about 30 percent of buyers, a notably high share for an IPO of this size. Fidelity said it would allow customers with at least $2,000 in a brokerage account to participate, and the firm hosted a webinar for customers about getting in early on the deal. Still, much of the individual demand is expected to come from wealthy investors who can afford large allocations at the stated price.
Banks have also held sessions for advisers and prospective clients, including visits to SpaceX’s California campus for high-net-worth investors. At JPMorgan, Musk appeared remotely during the sales event, which included his mother in the audience. Bank of America is branding its own investor gatherings as “launch parties,” underscoring how Wall Street has embraced the spectacle surrounding SpaceX’s market debut.
