JPMorgan Throws SpaceX-Themed Party to Woo Newly Rich Employees

JPMorgan Chase rolled out a private celebration for SpaceX employees after a liquidity event turned many of them into millionaires, according to a report. The party included a SpaceX-branded tomahawk steak carving station and was designed to court the newly wealthy before they commit to rival wealth managers.

JPMorgan’s private bank has been targeting employees of high-growth companies that have generated large windfalls through initial public offerings or secondary share sales. SpaceX employees who cashed out stock now hold liquid assets that banks are competing to manage. The event, held at a venue in Los Angeles, is part of a broader push by JPMorgan to capture wealth from the space industry.

Goldman Sachs and Morgan Stanley run similar programs for tech IPO cohorts. JPMorgan already manages money for several SpaceX executives, according to people familiar with the matter. The party signals the bank views the SpaceX employee group as a key growth avenue for its wealth management division. JPMorgan declined to comment on the event.