RKLB, LUNR, FLY, SIDU Reverse Losses Overnight: Jamie Dimon Takes SpaceX IPO Pitch To 2,500 Wealthy Clients This Week

• The JPMorgan CEO is set to pitch the SpaceX IPO to more than 2,500 wealthy clients alongside senior SpaceX executives this week.
• The company is targeting a record $75 billion raise and a fully diluted valuation above $1.8 trillion ahead of its June 12 Nasdaq debut.
• Rocket Lab is gaining attention for its Mars and robotics ambitions following its Motiv acquisition, touting its end-to-end Mars mission capabilities.

Space stocks reversed overnight losses heading into Thursday, as SpaceX doubled down on its retail-investor push, with JPMorgan CEO Jamie Dimon reportedly set to pitch the historic IPO to more than 2,500 wealthy clients this week.

In overnight trading, Rocket Lab (RKLB), Intuitive Machines (LUNR) and Sidus Space (SIDU) each gained 1%, while Firefly Aerospace (FLY) added 0.5%, recovering some ground after a brutal Wednesday selloff sparked by concerns over SpaceX's lofty valuation. 

JPMorgan's SpaceX Investor Push

On Thursday, Dimon will join Mary Callahan Erdoes, CEO of the bank's asset and wealth management unit, along with SpaceX President Gwynne Shotwell and CFO Officer Bret Johnsen, in a nationwide investor event expected to reach over 2,500 wealthy clients across several cities, Bloomberg noted. 

The outreach also highlights the role retail investors are expected to play in the offering. In its initial S-1 filing last month, SpaceX confirmed that retail investors using platforms including Robinhood, SoFi, Fidelity, Charles Schwab and E*Trade would be able to purchase IPO shares alongside Wall Street institutions. The company said eligible retail investors would receive shares "at the same initial public offering price, and at the same time" as institutional investors.

SpaceX is reportedly allocating as much as 30% of the offering to individual investors, significantly above the retail participation typically seen in high-profile public offerings. The company also acknowledged in its filing that elevated retail ownership could increase post-listing volatility.

Why SpaceX Matters To Retail Investors

On Wednesday, SpaceX publicly disclosed a fixed IPO price of $135 per share, a week before pricing is expected to occur. Major U.S. IPOs usually set a price range during the roadshow process rather than announcing a fixed price in advance.

SpaceX is targeting a $75 billion raise and a fully diluted valuation above $1.8 trillion, surpassing Saudi Aramco's record as it prepares for a June 12 Nasdaq debut. The access to SpaceX allocations has become highly competitive, with one institutional investor supposedly saying he was told that obtaining SpaceX IPO shares had become a "David Solomon level decision" at Goldman Sachs.

The initial IPO filing sparked a rally across space stocks after SpaceX called its opportunity as the "largest actionable total addressable market in human history." The company estimated a $28.5 trillion opportunity spanning launch services, Starlink broadband, direct-to-cell communications and AI infrastructure.

Rocket Lab's Mars Ambitions

Among space stocks, Rocket Lab is gaining additional momentum from its Mars and robotics ambitions. In a post on X late Wednesday, the company said its tech has already supported orbiters, landers, rovers and helicopters sent to Mars, adding that "we're one of the few companies capable of delivering complete Mars mission solutions, including launch + spacecraft + software, and now proven robotics for surface and orbital operations too."

Last week, Rocket Lab completed its Motiv Space Systems acquisition, now operating as Rocket Lab Robotics, which supplies tech for several high-profile NASA missions, including the Mars Perseverance rover. CEO Peter Beck said that the deal gives Rocket Lab "everything needed to lead the next era of Mars exploration and support the most demanding space infrastructure of tomorrow."

How Do Retail Traders Feel About RKLB, LUNR, FLY, SIDU?

On Stocktwits, retail sentiment for RKLB and SIDU was 'bullish', while LUNR was rated 'neutral' and FLY was rated 'extremely bullish'. Message volume was 'normal' for RKLB and LUNR, and 'high' for FLY and SIDU. 

One user said, “$RKLB Screaming buys! This will go to 170 by space x ipo date, don’t miss it”

Another user noted LUNR’s pullback in the previous session and said, “$this was an overreaction and offering that set us back but with the price target of 75 and spacex IPO, institutional buying will soak this up quickly, buying opportunity and we should be over 45 before space x ipo, 30% upside if not more from here”

Over the past year, RKLB has surged 329%, while LUNR and SIDU have gained 207% and 188%, respectively. FLY, however, remains down 34% over the same period.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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