SpaceX's IPO created thousands of new millionaires in this small city of California.
On June 12th, 2026, SpaceX went public at $135 per share, valuing the company at ~$1.8T at its IPO price. 7.6K SpaceX employees based in California, including executives, engineers, nontechnical staff, entry-level workers, and even cafeteria employees benefited from capital gains. At least 4K current and former SpaceX employees will become millionaires, with about 400 earning $100M+.
Social Capital made a deep dive about SpaceX's IPO.
While I was not part of that one, here are three insights I particularly enjoyed reading:
1. SpaceX Is worth nearly three times the entire space economy. The space economy, rockets, satellites, and ground stations combined, generated $626B in revenue in 2025. SpaceX is going public at a $1.8T valuation, roughly three times what the whole industry earns in a year. A multiple that size cannot be a bet on today's space economy. It is a bet on telecom, the $2.1T a year the world spends on phone and internet connections. Satellites deliver under $15B of that today, and the valuation prices in that share growing.
2. SpaceX collapsed the cost To orbit by 20X. Low Earth orbit, or LEO, is the region where most satellites operate, at an altitude between 160 and 2,000 km above Earth's surface. NASA's Space Shuttle was a reusable spacecraft that carried crews and cargo from 1981 to 2011. It cost $54,500 per kilogram to reach LEO. SpaceX has driven that price down to about $2,700, a 20x reduction documented in NASA's own cost analysis. Its flagship rocket, Starship, targets under $500 once fully operational, a 100x cut from the Shuttle. That makes SpaceX the chokepoint for everything that depends on reaching orbit.
3. Starlink, the global wifi provider, is the biggest revenue maker for SpaceX. They reported 10.3M subscribers at the end of Q1 2026, more than double a year earlier. At that scale, Starlink turned $11.4B of revenue into $4.4B of operating profit.
P.S- LWM has one for Anthropic coming up soon if you are interested in reading more IPO deep dives!