Did a $28-an-hour worker really become a millionaire through SpaceX stock?

SpaceX’s highly anticipated IPO has been described as one of the largest employee wealth-creation events in corporate history, with reports suggesting it has turned thousands of current and former staff into millionaires almost overnight.

The aerospace company debuted on the Nasdaq at an IPO price of around $135 per share, initially valuing the firm at approximately $1.77 trillion. Shares reportedly climbed further during early trading, pushing SpaceX’s market valuation beyond the $2 trillion mark and driving a sharp rise in paper wealth for shareholders.

According to accounts circulating after the listing, more than 4,400 employees are expected to have crossed the million-dollar threshold, with around 400 individuals now holding equity stakes worth over $100 million. The gains are said to span the workforce, from engineers and technicians to welders and support staff, reflecting the company’s long-standing emphasis on broad-based equity compensation.

Among the stories highlighted is that of Juan Hernandez, a former contractor welder who joined SpaceX in 2015. Earning around $28 per hour at the time, he reportedly accumulated company shares through a combination of stock grants and payroll-based purchases. His stake is now said to be worth close to $900,000, illustrating how equity participation has transformed the financial outcomes of non-executive employees.

Another employee, Trevor Hise, is reported to have remained with the company for over a decade after choosing SpaceX over a more traditional role at General Electric. Having accumulated more than 100,000 shares, his holdings are now estimated to be worth around $13.5 million at the IPO valuation, underscoring the scale of the windfall for long-term staff.

The IPO has also significantly boosted Elon Musk’s personal fortune. His stake in SpaceX alone is now valued at an estimated $766 billion, and when combined with his holdings in Tesla, his total net worth is reported to have surpassed $1 trillion—making him the first individual in history to reach that milestone.

Analysts note that SpaceX’s approach to employee compensation—relying heavily on equity rather than purely high salaries—played a central role in distributing wealth widely across the organisation. As a result, the benefits of the IPO extended well beyond founders and early investors, reaching thousands of employees across engineering, manufacturing and operational roles.

The listing is expected to intensify wider debate around extreme wealth creation in the technology sector and its implications for inequality and corporate influence.