00:00Now, today, J.P. Morgan CEO Jamie Dimon will discuss the upcoming SpaceX IPO with the bank's
00:06ultra-rich clients alongside SpaceX's president and CFO. So basically, Jamie Dimon, the most
00:13respected bank CEO in the world, is going to pitch SpaceX shares to thousands of clients,
00:21and they're not even the lead left on this IPO. To me, this is really unique.
00:28Shreem Adaraj uncovers Wall Street for us. He joins us on this story. I'm kind of freaking
00:34out about this a little bit. Is it too much? Is my reaction too much? Yes, it is too much.
00:38I don't think there's any reason for you to freak out just because Jamie Dimon is talking
00:41to his clients. But the fact is, this is unlike any other IPO. You're not looking at a typical
00:46IPO roadshow where you're going to just the biggest institutional investors in New York
00:49and Boston. Was there a roadshow? They just said you're paying 135 and that's it. There
00:53wasn't even a range, dude. When was the last time you covered an IPO with no range?
00:57It clearly tells you that the bankers are confident, that they know that there will
01:00be demand, and that's the starting point, and they'll probably hope to go up from there.
01:03Wait, so this isn't a pitch from Jamie Dimon then, right? Like, why does he need to convince
01:07any of the wealth clients to buy this thing?
01:09No, he brings a little bit of sparkle. He is the star of the show today because you're
01:13not trying to sell investors on the value prospect and the growth prospect. You're trying
01:17to sell them on a grand vision. And short of Elon Musk, I think if you look at all the
01:21banks
01:22in the lineup, whether it's David Solomon at Goldman Sachs, Ted Pickett, Morgan Stanley,
01:26Jamie Dimon at J.P. Morgan, of the three, one stands out really tall, and it's really
01:30smart of the J.P. Morgan bankers to bring him out to talk about this deal with their ultra
01:35high net worth clients. And in some ways, that is the beauty of a franchise like that, right?
01:40When you have the really wealthy clients, you want to be able to bring something special
01:45to them. One way to do that is to tell them you would get an allocation in a SpaceX IPO,
01:50which is a really big draw. The other way is to tell them you will get FaceTime with Jamie Dimon.
01:55Maybe they don't want that IPO right away. We had someone on recently who basically is like,
01:58for wealth clients, maybe it's good that they don't really get access to this because they
02:02won't be in that period of volatility that retail will be in.
02:05Right. Also, do you see Matt Levine's recent column saying they should make an IPO or an ETF,
02:11I'm sorry, that's ex-SpaceX, like ex-anthropic, ex-open AI, because so many people are crying
02:18about the index inclusion. Sri, thank you very much for calming me down a little bit.
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