RESEARCH
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No. 143
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4,400 Millionaires
SpaceX began trading as the largest IPO in American history, with thousands of current and former employees projected to become millionaires.
Jacob Radke
2 min read
Estimated millionaires created at major U.S. IPOs: Apple, Google, Facebook, Airbnb, and SpaceX.
Source · Public reporting and Fjell Capital analysis
Projected millionaires
~4,400
Current and former SpaceX employees estimated to benefit from the listing.
Stakes above $100M
~400
Projected SpaceX employee holdings above $100 million.
IPO valuation
$1.75T
SpaceX valuation at a $135 per-share IPO price.
Category
Charts
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SpaceX priced at $135 per share and began trading on Nasdaq Friday. At a $1.75 trillion valuation, it’s the largest IPO in American history.
Analysis from Hill.com, reported by the New York Times, projects roughly 4,400 current and former SpaceX employees could become millionaires through the listing. About 400 are projected to hold stakes worth $100 million or more.
Put that in historical context. Apple’s 1980 IPO created around 300 millionaires. Google created roughly 900 on listing day in 2004. Facebook hit about 1,000 in 2012. Airbnb produced an estimated 1,900 when it went public in 2020.
The median time from founding to IPO has stretched from five years to fourteen years over the past two decades. Companies are staying private longer. More equity value accumulates, more employees vest into stakes, and more wealth concentrates before the public markets.
By the time of SpaceX’s first trade, its employees have been building equity for 24 years.
Until next week,
Jacob
Sources & method
All millionaire figures are estimates, not confirmed company disclosures. The SpaceX estimate is sourced from Hill.com analysis reported by the New York Times on June 10, 2026.
The Google estimate is from SaaStr via Britannica Money; Facebook is from the Washington Post, February 2012; and Airbnb is from general reporting at its IPO. The Apple estimate includes investors and insiders broadly, not employees only, and is the least comparable data point.
Fjell’s IPO stance is to wait at least six months after listing, then reassess using trading data, earnings, and lockup behavior. This article is educational context and does not recommend an investment action.
Written by
Jacob Radke
Partner, Wealth Advisor
Jacob writes the weekly charts. Jacob leads the firm’s platform, including trading, research, portfolio systems and technology. He also sits on the firm’s board and investment committee, and advises client families.
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