SpaceX Employees React to Historic IPO

Workers at SpaceX’s Hawthorne, California facility have expressed their thoughts on the company’s recent initial public offering (IPO), which has brought a financial boon to many current and former employees who received stock as part of their compensation.

As is common with private companies, employees are usually restricted from selling their shares until an IPO is finalized. Following the public offering, a “lock-up period” allows employees to gradually sell their shares, enabling them to access their wealth over time.

The wealth generated from this IPO will benefit not just the engineers behind the rockets and satellites but also the support staff like baristas, janitors, and others who contribute to the company’s success.

Interviews conducted outside the Hawthorne facility highlighted a range of plans and opinions from employees regarding this major event. One process planner shared his hopes of staying healthy, stating, “The IPO is a great thing…I mean… Elon is the best. Go Elon!”

Another employee mentioned feeling like a billionaire already and said, “Having money is nice. Once the lock-up period ends and I can actually sell some, I think I’ll feel a bit richer, but today is definitely a good day.”

Juan Hernandez, a former welder at SpaceX, recalled being offered stock when he joined the company in 2015. At that time, he thought, “It wasn’t a big deal,” but now he’s realized the stock’s value has soared beyond what he imagined. He now owns around 6,500 shares, which could be worth nearly $880,000 based on the IPO price of $135 per share. Hernandez, who now works for Blue Origin, noted that giving stock options to employees encourages them to work harder because, in a way, it is their company too.

He expressed gratitude to Musk for improving the lives of many families, including his own, and reaffirmed his commitment to maintaining a strong work ethic.

J. Andre Lavoie, a former engineer who now lives in Italy, reported holding more than $28 million in stock based on the IPO’s price and plans to use his earnings to renovate a hotel he purchased and help locals transition to cleaner heating options. He mentioned that the rising stock prices have changed his life plans significantly, saying, “My life plans are thrown into disarray because stock prices are rising rapidly every year.”

Another employee, Mariellen Musselman, who started at SpaceX in 2022, discussed using part of her salary to purchase additional stock. Although she’s uncertain about when she will sell, she anticipates that it will be a last-minute decision.

SpaceX’s IPO stands out as the largest in history, raising approximately $75 billion. Employees hope to leverage this newfound wealth for various personal and communal initiatives. One such employee, reflecting on her future, mentioned aspirations to start a ship repair business, recognizing the usual lack of stock ownership among sailors.

Tom Mueller, SpaceX’s first employee, underscored the significance of the IPO for many. He recalled Musk’s words: “The paycheck is important, but the stock is what’s worth it,” and said that, after years of hope, the day had finally come, adding, “It’s wonderful.”