SpaceX's IPO is set to create 4,000 millionaires, including cooks.
**TL;DR** SpaceX's initial public offering (IPO) is anticipated to generate over 4,000 new millionaires, including engineers and cafeteria workers. The pricing is scheduled for Wednesday at $135 per share, with a Nasdaq listing valued at $1.8 trillion on Thursday.
According to an analysis by Hill.com, more than 4,000 current and former SpaceX employees are likely to become millionaires as the company officially begins trading on Nasdaq this week. Out of this group, around 400 individuals are expected to have investments worth $100 million or more.
The wealth generation is expected to extend beyond just engineers and executives. SpaceX has a history of compensating employees at all levels—including cooks, welders, and cafeteria staff—with stock options instead of higher salaries, a strategy that is now set to yield returns at a $1.8 trillion valuation.
**The IPO details**
SpaceX plans to sell 555.6 million shares at a set price of $135 each, aiming to raise about $75 billion in what would be the largest IPO ever. Goldman Sachs is the lead underwriter, supported by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase.
Pricing is anticipated to be finalized after market close on Wednesday, with shares expected to start trading on Nasdaq under the ticker SPCX on Thursday. The offering has seen massive interest, with investors vying for several times the number of shares available.
**Equity distribution**
SpaceX’s compensation strategy has consistently favored stock ownership over cash payouts. Employees who received options in 2025 at exercise prices of $37 and $42.40 per share will experience significant increases in their paper gains at the $135 listing price.
This approach applies to the entire organization, as non-technical employees also received equity packages alongside engineers and essential personnel, a practice that is relatively rare for a company of SpaceX’s size and one that contributes to the extensive wealth creation expected.
**Concentration risk**
However, this financial windfall comes with its challenges for some employees. One former employee holds a stake worth $21.4 million, which constitutes 93% of his household’s investable net worth, illustrating the risks associated with a heavily equity-based compensation model.
More than 100 current and former employees have established a low-fee wealth management partnership with the advisory firm Choreo, collectively representing potential wealth ranging from $1 billion to $5 billion. This group was formed specifically to prepare for the liquidity event following the IPO.
**Impact on South Texas**
The IPO is also predicted to further stimulate a housing boom in South Texas, where SpaceX’s Starbase launch facility is situated near Brownsville. The average home price in Cameron County has surged from about $131,000 in 2014 to over $281,000 as of April 2026.
Long-term residents are already feeling pressure on affordability as incoming SpaceX workers drive up prices. If thousands of newly wealthy millionaires reinvest in local real estate, the risk of displacement will likely increase.
**Important considerations**
The estimate of 4,000 millionaires is provided by Hill.com and has not been formally disclosed by SpaceX. Actual outcomes will depend on various factors, including the final listing price, employee vesting schedules, lockup periods, and individual tax circumstances.
Lockup agreements typically restrict employees from selling shares for 90 to 180 days after the listing. Therefore, while the wealth may seem substantial on paper, it will remain unavailable for several months, and any decline in share price during the lockup period could diminish the actual wealth employees can access.
Elon Musk will retain over 82% voting control following the offering through super-voting shares, meaning the newly minted millionaires will have minimal influence on corporate decisions. The governance structure allows for broad economic upside while keeping decision-making power concentrated.
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SpaceX's IPO is set to create 4,000 millionaires, including cooks.
SpaceX's anticipated $1.8 trillion IPO is likely to generate more than 4,000 millionaires, including cafeteria employees and welders who were granted stock options in lieu of increased pay.