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SpaceX’s record-setting IPO is creating a financial windfall for thousands of the company’s current and former employees who received stock as part of their compensation.

Workers who hold stock in non-public companies are subject to restrictions that can keep them from selling those shares under most circumstances before an IPO occurs. Once the stock goes public, it starts a timeline under which they can begin to sell some of those shares as so-called “lock-up periods” gradually allow employees to sell shares in tranches that expand over time.

The ranks of SpaceX workers who will see an influx of wealth as a result of the IPO include not only those who design the rockets and satellites that have made the company famous, but also baristas, janitors and other workers who helped keep the company running.

FOX Business spoke with workers outside of SpaceX’s facility in Hawthorne, California, about their plans for the monumental IPO turning into a reality.

SPACEX MAKES HISTORIC DEBUT; MUSK SOLIDIFIES STATUS AS WORLD’S FIRST TRILLIONAIRE

SpaceX workers and former employees who received stock options have an opportunity to cash in a windfall following the company’s IPO. (Reuters/Veronica G. Cardenas/File Photo)

One SpaceX employee, who said that he’s a process planner, said that he wants to “try to stay healthy” and that the IPO is “a beautiful thing… I mean, Elon is the best. Go Elon!”

Another SpaceX employee said that, “I’ve been a millionaire for a while, but it’s always nice to have money. It’ll be great when the lock-up period is out, of course, and we can actually sell some of it and that’ll feel a little more into the wealth, but it’s a great day.”

Juan Hernandez, who previously worked as a welder at SpaceX, told CBS News that when he was first hired by the company in 2015 he was offered $10,000 in stock. He explained that it “wasn’t a big deal” to him at the time and, “I didn’t know it was gonna be this big, at this point.”

Hernandez, who now works at Blue Origin after a 10-year stint at SpaceX, told CBS that he has around 6,500 SpaceX shares that would represent a nearly $880,000 windfall based on the IPO listing price of $135 a share. He added that giving employees stock options encourages them to “perform a lot better because, I mean… it’s their company as well.” 

He went on to tell the outlet that he wants to maintain a strong work ethic after the IPO and plans to keep working, and expressed gratitude to Musk for “making all these lives much better and meaningful for their families as well.”

SpaceX founder and CEO Elon Musk became the world’s first trillionaire following the IPO. (Suzanne Cordeiro/AFP via Getty Images)

SPACEX SET A NEW RECORD FOR IPOS: THESE ARE THE WORLD’S 5 LARGEST

The Wall Street Journal reported that J. André Lavoie, a 63-year-old former SpaceX engineer who moved to Italy five years ago, has shares valued at over $28 million based on the IPO price. Lavoie plans to use the funds to renovate a hotel he purchased and is considering helping others in the community transition from heating their homes with burning wood to cleaner heating sources.

“I don’t want to just die with a pile of money in the bank,” Lavoie told the Journal. He added that the rise in the value of the shares has caused him to reconsider his plans. “Every year the shares have been going up so radically it keeps messing up my life plans.”

The Journal also spoke with 27-year-old Maryellen Musselman, who joined SpaceX in 2022 and worked on a ship used in retrieving rocket parts from the company’s launches that splashed down off the coast of Florida. 

Musselman used 10% of her pay to purchase additional shares during the two years she worked at SpaceX and said that while she’s unsure of how quickly she’ll look to sell, saying it’ll likely be “an 11th-hour decision.”

SpaceX’s IPO was the largest in history, with a raise of about $75 billion. (Joe Skipper/Reuters)

SPACEX’S FIRST EMPLOYEE SAYS HISTORIC $1.7T IPO WILL BE ‘LIFE-CHANGING’ FOR THOUSANDS OF WORKERS

She wants to use the money to help her start a ship repair business in Chesapeake, Virginia, saying that, “Mariners are not usually stock owners in their companies, they’re not always under benefits.”

Tom Mueller, who was hired as SpaceX’s first employee in 2002 and led projects including the Merlin Engine that powers the Falcon 9 rocket, the Raptor Engine that powers Starship and other key propulsion systems, told FOX Business’ “The Claman Countdown” on Thursday that the IPO would be life-changing for employees.

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“Elon always said that ‘Your salary is one thing, but it’s the equity that’s gonna be worth something.’ And we are all like, ‘Yeah, okay someday,’” Mueller said. “That day is here. It’s great.”

Former chief executive of the WRU Roger Lewis also receives an MBE

Heather Stevens, chair of the Waterloo Foundation and part of the founding team of what became Wales’ biggest company, Admiral, has been made a Dame in the King’s Birthday Honours List.

Ms Stevens receives a Dames Commander of the Order of the British Empire (DBE) for her services to the environment, young people and philanthropy in Wales.

With her husband David Stevens – a co-founder of Admiral who later became its chief executive – they established the Waterloo Foundation in 2007 with a personal contribution of £99m into an endowment fund. Since then the Cardiff-based charity has awarded around 4,300 grants worth more than £170m from their personal wealth. The charitable foundation is targeting reaching £200m over the next few years. The Waterloo Foundation has supported projects in areas such as child development, health and the environment. While it has an international dimension, a significant share of its grants have been for projects and good causes in Wales.

Dame Heather, 68, was part of the founding team of Admiral when it set up in Cardiff in 1993 selling car insurance over the phone. She played a key role in marketing the nascent business, which today is Wales’ only FTSE 100 business with a market capitalisation of more than £10.54bn. Headquartered in Cardiff it also has car insurance businesses in Italy, Spain and France. It employs 13,000 globally, with more than 7,000 based in South Wales.

She received a CBE in 2010 and served as the High Sheriff of South Glamorgan in 2015. She lives with her husband in the Vale of Glamorgan.

Roger Lewis

Former chief executive of the Welsh Rugby Union, Roger Lewis, has been awarded an MBE in the King’s Birthday Honours in recognition of his support to service personnel and veterans.

Cefn Cribwr-born Mr Lewis is the founding chair of the Churchill Lines Foundation, a military charity he established in 2014 to support members of the armed forces community. The MBE recognises his sustained commitment to improving the lives of those who serve and have served in the armed forces, and his leadership in building a charity dedicated to their welfare and support.

In March the King became a patron of the Churchill Lines Foundation, marking a significant milestone in the charity’s development.

Commenting on his award, Mr Lewis said:“It is a great honour to support the extraordinary men and women who serve our country. They protect and defend our freedom. I dedicate this award to them and share it with my fellow trustees and friends of the Churchill Lines Foundation.”

During a 30-year career in London he held numerous senior roles including head of music at BBC Radio 1, managing director of EMI Records classical division president of Decca Records and managing director and programme controller of Classic FM.

He returned to Wales in 2004 as managing director of ITV Wales. He served as group chief executive of the Welsh Rugby Union and the Millennium Stadium from 2006 to 2015. He is a former chairman of Cardiff Airport and the Cardiff Capital Region. Mr Lewis lives in Penarth.

Steve Hughson

Mid Wales-based farming, tourism and events leader, Steve Hughson, has has received an MBE. Mr Hughson, 63, from Newbridge-on-Wye, is recognised for service to agriculture, tourism and events in Wales.

His distinguished career has spanned policing, rural affairs, major events, tourism, youth development and volunteering across Wales.

He said: “I am very proud and humbled to receive this huge honour which is a tribute not only to me but also to all the people I have worked with over the years in agriculture, tourism and events,” he said modestly.

“When I was chief executive of the Royal Welsh Agricultural Society (RWAS), I always checked the honours list to see if anybody from the field of agriculture in Wales had been recognised, so that we could celebrate their achievement. To now be honoured myself and by the king is the icing on the cake

“Through my previous roles with the police and Royal Welsh Show, I have had close contact with the Royal family, for whom I have the utmost admiration. I am very grateful to the person who nominated me for this honour, as I know from personal experience the huge amount of work involved in the nomination process.

“All my roles have been quite demanding and my family – my wife Andrea and two children – have stood by me throughout. This honour is a testament to their support.”

Born in Builth Wells and raised on the family beef and sheep farm, Mr Hughson attended the town’s grammar school before joining the Metropolitan Police in London in 1983.

He returned home to Wales in 1992, transferring to Dyfed Powys Police and, after 30 years’ police service, retired as chief superintendent and head of territorial policing.

The RWAS recruited Mr Hughson as chief executive, a role in which he helped to revitalise, modernise and enhance the society’s financial stability and engage with Welsh Government and key external partners.

Recognising the strong link between events and tourism, he has chaired Mid Wales Tourism Forum for 10 years and sits on the Welsh Government Visitor Economy Forum, which he represents on the Regional Skills Partnership Board.

Durinbg the pandemic, he became a voice for tourism and events during weekly meetings with Welsh Government and was appointed chair of the newly created Event Wales Industry Advisory Group, working closely with the government’s major events team.