Source: Fortune
Summary
SpaceX is targeting a record-breaking IPO, with a price of $135 per share, which could raise $75 billion and make Elon Musk the world’s first trillionaire. JPMorgan Chase CEO Jamie Dimon has been praising Musk, calling him the “Edison of our time.” Dimon’s comments come despite a past feud between the two, which included a $162 million lawsuit filed by JPMorgan against Tesla in 2021. SpaceX has tapped several top banks, including JPMorgan, Morgan Stanley, and Goldman Sachs, to underwrite and advise on the IPO.
Our Reading
The numbers tell one story.
JPMorgan Chase CEO Jamie Dimon is singing Elon Musk’s praises ahead of SpaceX’s IPO. Dimon calls Musk the “Edison of our time” and says he’s “probably more chill than he used to be.” SpaceX is targeting a record-breaking IPO, with a price of $135 per share. The company has tapped several top banks to underwrite and advise on the IPO, including JPMorgan, Morgan Stanley, and Goldman Sachs. The banks involved are expected to rake in $500 million from the offering.
Musk’s public image is being softened ahead of the IPO, with a roadshow event hosted by JPMorgan featuring an appearance by his mother, Maye Musk. The event was attended by several thousand of the bank’s high-net-worth clients.
SpaceX’s IPO is expected to be a blockbuster, with several banks projecting massive revenue projections for the company. Morgan Stanley recently forecasted SpaceX to notch $3.4 trillion in revenue in 2040.
The strategy enters a familiar phase.
Author: Evan Null
