Wall Street courts rich clients with SpaceX’s record-setting IPO

SpaceX’s $75 billion listing has become a private-client showcase before it becomes a public market event. Bank of America, JPMorgan Chase and Morgan Stanley are using the deal to court wealthy investors with rocket-themed gatherings, executive access and a rare chance to get into a fixed-price offering that could value Elon Musk’s company at about $1.75 trillion.

The roadshow is underway, with pricing expected on June 11 and trading set to begin on June 12, 2026. SpaceX has fixed the IPO price at $135 a share, a move that is unusual on Wall Street because it sidesteps the usual price-discovery process. The company also launched an IPO website for retail investors, while saying proceeds would support AI compute infrastructure, launch infrastructure, launch vehicles, satellite constellations and general corporate purposes.

The banks are turning the offering into a prestige event for high-net-worth clients. Bank of America is leading the U.S. retail distribution effort and has told clients to expect SpaceX-themed events at its Midtown Manhattan headquarters in New York. JPMorgan Chief Executive Jamie Dimon hosted a live discussion with SpaceX executives for wealthy clients, while Morgan Stanley is holding an event for wealth management clients featuring SpaceX leaders and top bank executives. At one JPMorgan event, Musk appeared by video and said SpaceX was entering a major new growth phase and needed capital. Dimon said JPMorgan wanted to treat “individual investors the same way institutions are treated.”

That pitch has turned the listing into a two-way wealth-management race. More than 1,000 current and former SpaceX employees have banded together to negotiate lower wealth-management fees and access to tax-saving financial products before the company’s value translates into many new millionaires. The group represents about $20 billion in assets, a reminder that the IPO is not only about selling shares but about capturing the advisory business that follows sudden wealth.

The scale underscores why Wall Street is treating SpaceX as more than another stock sale. A $75 billion raise would dwarf Saudi Aramco’s roughly $29.4 billion IPO, long the biggest on record, and eclipse Alibaba’s roughly $25 billion debut and Facebook’s $16 billion listing. For banks, SpaceX has become a test of whether the future of Wall Street lies in underwriting public markets or in using marquee deals to lock up the richest clients in wealth management.