Gotrade News - Robinhood is opening the SpaceX IPO to everyday investors through its IPO Access feature. The move gives retail buyers a rare seat at what is being called the largest IPO ever attempted.
SpaceX is expected to begin Nasdaq trading around June 12 at roughly 135 dollars per share. The company is targeting a raise near 75 billion dollars at a 1.75 trillion dollar valuation.
Key Takeaways
Robinhood is opening the SpaceX IPO to retail with no minimum balance via IPO Access.
A 23-bank syndicate led by Goldman Sachs and Morgan Stanley is underwriting the listing.
SpaceX targets a 75 billion dollar raise at a 1.75 trillion dollar valuation around June 12.
Retail Access Through Robinhood
According to The Motley Fool, investors can submit a non-binding indication of interest with no minimum balance required. The request signals demand before the shares are formally listed on the exchange.
Robinhood CEO Vlad Tenev said retail now has a real seat at the table in IPOs. He added that retail allocations on recent deals have climbed toward 20 to 30 percent of offerings.
For readers chasing the space economy, the listed proxy is small-cap launch player Rocket Lab (RKLB). A successful SpaceX debut could refocus investor attention on the broader sector and its public names.
Wall Street's Hard Sell
As reported by Investing.com, JPMorgan hosted roughly 3,500 clients on Thursday at its new headquarters. Lobby screens ran rocket launch videos with Go for Launch messaging to set the tone.
Per The Motley Fool, CEO Jamie Dimon is personally pitching the deal to high-net-worth and retail clients. He appeared alongside SpaceX President Gwynne Shotwell and CFO Bret Johnsen at the event.
Shares of Goldman Sachs (GS) and Morgan Stanley (MS) lead the 23-bank underwriting syndicate. Goldman displayed model SpaceX rockets in two of its downtown Manhattan headquarters lobbies.
Morgan Stanley is running its own wealth-client event on Monday with lead IPO banker Kate Claassen. The banks are expected to collect roughly 500 million dollars in fees from the listing.
That fee pool helps explain why an executive of Dimon's stature is peddling a single IPO directly. The aggressive push signals how much Wall Street wants this record-setting debut to succeed.
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