Business
SpaceX IPO Expected to Create Thousands of New Millionaires Across Workforce
NEW YORK — SpaceX’s landmark initial public offering is projected to generate thousands of new millionaires among its employees, from engineers and technicians to support staff including cafeteria workers, highlighting the broad wealth creation potential of the company’s historic Nasdaq debut.
The rocket and satellite firm, led by Elon Musk, priced its shares at $135 ahead of Friday’s trading start, with the offering expected to raise approximately $75 billion and value the company at around $1.78 trillion. Reports indicate the IPO could mint roughly 4,400 new millionaires within the SpaceX workforce, reflecting significant equity compensation distributed across all levels of the organization.
A widely shared post on X captured the sentiment, featuring an illustration celebrating the news with the caption “God bless Capitalism.” The post quoted earlier information from Polymarket noting the expected creation of 4,000 new millionaires and quickly gained traction, resonating with discussions about employee ownership and the rewards of long-term commitment to innovative companies.
Employee Equity and Company Culture
SpaceX has long emphasized equity participation for its workforce, aligning incentives with the company’s ambitious goals in reusable rocketry, Starlink satellite internet and future Mars missions. Employees at various levels, including those in manufacturing, operations and support roles, have benefited from stock options and grants accumulated over years of service.
The anticipated wealth creation underscores how high-growth technology companies can distribute substantial value beyond top executives. Many SpaceX staff members joined when the company was still a startup facing significant technical and financial risks. Their contributions to milestones like Falcon 9 reusability and Starship development have now translated into life-changing financial outcomes for thousands.
This model of broad-based equity has been praised by supporters as a prime example of capitalism rewarding innovation and hard work. It contrasts with more traditional industries where such widespread wealth creation is rarer. Discussions on social media highlighted the inclusivity, noting that roles from rocket engineers to cafeteria staff stand to benefit.
IPO Details and Market Impact
SpaceX’s offering is one of the largest in history. The company is selling 555.6 million shares, with underwriters holding an option for an additional 83 million. At the $135 price, Musk’s approximately 42% stake positions him to potentially become the world’s first trillionaire, depending on opening trading performance.
Investor demand has been robust, with reports of the offering being oversubscribed. SpaceX targeted a notably high retail allocation of around 30%, far above typical IPOs, allowing broader public participation. The debut is expected to be volatile, typical for high-profile technology listings, as market makers establish an opening price.
The IPO provides SpaceX with substantial capital to accelerate Starship development, expand Starlink coverage and pursue long-term objectives like interplanetary travel. It also marks a transition to greater public scrutiny and quarterly reporting requirements.
Broader Economic and Social Discussion
The news has sparked conversations about wealth inequality, employee ownership and the role of innovation in economic growth. Proponents argue that SpaceX’s success demonstrates how visionary companies can create widespread prosperity. Critics raise questions about concentrated wealth and its societal impacts, though the broad employee participation has tempered some criticism.
Comparisons to past industrial revolutions have emerged, with SpaceX’s achievements in reducing launch costs and enabling global connectivity viewed as transformative. The company’s culture of pushing technological boundaries while rewarding contributors at all levels has been highlighted as a model for modern enterprise.
SpaceX’s Journey and Future Outlook
Founded in 2002, SpaceX has grown from a small startup to a leader in commercial spaceflight. Reusable Falcon rockets have dramatically lowered costs, while Starlink provides internet to remote and underserved regions worldwide. NASA contracts for crew and cargo missions to the International Space Station have cemented its role in human space exploration.
The IPO represents validation of this journey and provides resources for even bolder ambitions. Musk has consistently emphasized making humanity multiplanetary, with Starship designed for missions to the Moon, Mars and beyond.
As trading begins Friday, focus will shift to market reception and SpaceX’s performance as a public company. Strong debut trading could further boost employee morale and attract additional talent, while setting a positive tone for innovation-driven enterprises.
Public Reaction and Sentiment
Social media responses to the millionaire-creation news have been largely positive, with users celebrating the rewards for dedicated workers. Posts emphasized the team effort behind SpaceX’s achievements, from rocket launches to satellite deployments. Many viewed the wealth distribution as a tangible example of capitalism’s potential to uplift individuals who contribute to groundbreaking work.
The discussion has also touched on broader themes of opportunity, innovation and the American dream in the technology era. While some expressed skepticism about valuation sustainability, the prevailing tone has been one of excitement for those benefiting from years of hard work.
Looking Ahead
SpaceX’s public debut marks a new chapter for the company and its thousands of employees. The projected creation of thousands of millionaires serves as a powerful narrative of shared success in a high-stakes industry.
As markets open Friday, the world will watch to see how investors value one of the most influential companies of the modern age. For SpaceX staff, the IPO represents the culmination of years of dedication and a significant financial reward for helping advance humanity’s presence in space.
The event underscores the transformative power of private enterprise and the potential for technology companies to create widespread economic opportunity. Whether the stock opens above or below the $135 offer price, the broader story of employee wealth creation will likely endure as a highlight of the offering.
Investors, employees and observers alike anticipate a memorable debut for SpaceX, one that celebrates innovation while highlighting the human element behind groundbreaking achievements. The coming days will provide further insight into market sentiment, but the narrative of thousands of new millionaires already stands as a compelling chapter in the company’s remarkable journey.
Business
FDA issues highest-risk recall for Alfredo sauce sold in 41 states
Check out what’s clicking on FoxBusiness.com.
The Food and Drug Administration (FDA) has classified a recall of more than 900 cases of Alfredo sauce at its highest risk level after a supplier recalled a dry milk powder ingredient used in the product due to potential salmonella contamination.
The FDA designated the recall as a Class I event, its most serious classification, meaning there is a reasonable probability that use of or exposure to the product could cause serious adverse health consequences or death.
The recall affects 913 cases of Alfredo sauce packaged in 3-pound, 7-ounce sealed poly bags and 12 bags per case, according to an FDA enforcement report.
FORD RECALLS MORE THAN 255,000 FOCUS VEHICLES OVER ENGINE STALL RISK

Fettuccine Alfredo is prepared in a kitchen. The FDA classified a recall of more than 900 cases of Alfredo sauce as a Class I event due to potential salmonella contamination. (Getty Images / Getty Images)
According to the FDA, The Coffee Connexion Co., Inc., which is based in Lebanon, Tennessee, voluntarily initiated the recall on May 6, after a supplier recalled a dry milk powder ingredient used in the product due to potential salmonella contamination. The recall remains ongoing.
A representative for The Coffee Connexion Co. did not immediately respond to FOX Business’ request for comment.
The affected product carries UPC 0039954921963 and includes batches 046188 through 046193 with a best-by date of Jan. 12, 2028; batches 047290 through 047296 with a best-by date of Feb. 16, 2028; batches 048029 through 048034 with a best-by date of March 9, 2028; and batches 049089 through 049094 with a best-by date of April 20, 2028.
MORE THAN 17K COFFEE MAKERS RECALLED AFTER DOZENS OF REPORTED BURN INJURIES

A serving of fettuccine Alfredo is served. The recalled product was distributed in more than 40 states, according to the FDA. (iStock / iStock)
According to the FDA, the product was distributed in Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming.
Salmonella can cause serious and sometimes fatal infections in young children, older adults and people with weakened immune systems. Healthy people infected with salmonella often experience fever, diarrhea, nausea, vomiting and abdominal pain, according to the FDA.

According to the FDA, the product was distributed in 41 states. (Brian Kaiser/Bloomberg via Getty Images, File / Getty Images)
The FDA’s enforcement report states that no press release was issued for the recall and does not indicate whether any illnesses have been reported.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The recall was assigned FDA recall number H-0909-2026 and received its Class I classification on June 4.
Business
Soccer-Beating the heat no problem for World Cup fans in sweltering Houston

Soccer-Beating the heat no problem for World Cup fans in sweltering Houston
Business
Mexico investigates murder of mayor of town in Oaxaca state

Mexico investigates murder of mayor of town in Oaxaca state
Business
Trump names James McDonald as US attorney for Manhattan

Trump names James McDonald as US attorney for Manhattan
Business
Crypto fraudster Bankman-Fried loses federal appeal while seeking Trump pardon
Susan Li reports on FTX founder Sam Bankman-Fried speaking from prison, found guilty of major financial schemes. Susan Li’s exclusive interview reveals SBF wants a White House pardon and defends himself, claiming customers were repaid.
Sam Bankman-Fried, the former crypto billionaire convicted for fraud in 2023, lost an appeal to overturn his conviction and 25-year prison sentence Friday, Reuters reported.
A New York jury found Bankman-Fried guilty on two charges of wire fraud and five conspiracy counts in November 2023 for his actions while running FTX, a cryptocurrency exchange that declared bankruptcy in 2022 after once being valued at more than $26 billion.
Bankman-Fried pleaded his case to a three-judge panel of Manhattan’s 2nd U.S. Circuit Court of Appeals, who unanimously rejected his plea on Friday, calling the evidence against him “conservatively stated, robust,” according to Reuters.
“While he was publicly reassuring customers, investors and regulators that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, political contributions, and investments,” Circuit Judge Barrington Parker stated, per Reuters.
DEAL-MAKING CLEMENCY: INSIDE TRUMP’S MOST DISPUTED PARDONS OF 2025

Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, leaves court in New York, US, on Wednesday, July 26, 2023. (Photographer: Yuki Iwamura/Bloomberg via Getty Images / Getty Images)
Bankman-Fried became a prolific political donor in the years leading up to his conviction.
While the one-time crypto magnate appeared to strongly favor Democrats with his donations — his $40 million contributions to Democrats in the 2022 midterms made him the party’s second-biggest donor after George Soros — he poured a significant amount funds into Republican coffers as well.
According to Michael Lewis’ book about Sam Bankman-Fried’s rise and fall, the former crypto billionaire explored whether a large payment could persuade then-former President Donald Trump not to run for president again. Now, Sam Bankman-Fried signaled he’s like a presidential pardon from Trump.
Bankman-Fried made the admission in an interview with Fox Business’ Susan Li, who asked him if he wanted a pardon.

FTX founder Sam Bankman-Fried spoke to FOX Business from prison, saying he’d “absolutely” be interested in a pardon from President Donald Trump. (Kevin Dietsch/Getty Images; Michael M. Santiago/Getty Images / Getty Images)
“Absolutely,” he told Li, adding, “It would be obviously, you know, ultimately up to the president, not up to me.”
Bankman-Fried also insisted he was innocent of defrauding or stealing from his customers.
CONVICTED FTX FOUNDER SAM BANKMAN-FRIED INSISTS HE’S INNOCENT IN EXCLUSIVE PRISON INTERVIEW
“I didn’t steal user funds either,” he told Li. “Customers have been repaid now 170% or so on their deposits. It’s one of the very few cases where the platform was over-collateralized, where customers were more than made whole. And yet there was, you know, not just a criminal investigation, but a prosecution. And, you know, dozens of years of sentence[s].”

From right, Terrence A. Duffy, CEO of the Chicago Mercantile Exchange, Sam Bankman-Fried, CEO of FTX US Derivatives, Christopher Edmonds, chief development officer of the Intercontinental Exchange, and Christopher Perkins, president of CoinFund, test (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
FTX’s bankruptcy estate confirmed to FOX Business that customers are being repaid in full with some getting returns as high as 118%. However, those estimations are calculated using crypto prices from November 2022, a near-bottom in the cryptocurrency market.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Federal prosecutors alleged during the trial that Bankman-Fried systematically diverted billions of dollars in customer deposits to cover trading losses at his private hedge fund, Alameda Research, orchestrating what they described as a financial fraud of historic proportions.
Fox Business’ Kristen Altus and Susan Li contributed to this report.
Business
Strive's Debt-Free Bitcoin Treasury And Daily Dividend Make SATA And ASST Cleaner Plays
Strive's Debt-Free Bitcoin Treasury And Daily Dividend Make SATA And ASST Cleaner Plays
Business
Scotts Miracle-Gro develops custom turf blend for White House lawn
ScottsMiracle-Gro chairman, president and CEO James Hagedorn discusses stressors in the cannabis business on ‘The Claman Countdown.’
The Scotts Miracle-Gro Company is committing $1 million to help restore the White House South Lawn after Sunday’s UFC event at the White House.
Following the June 14 Freedom 250 event – a centerpiece of the nation’s 250th anniversary celebration – the company will provide funding, products and technical expertise to the National Park Service as it restores the historic lawn.
For investors, the high-profile White House project serves as a showcase for Scotts’ research and development division. It comes as the $3.3 billion company navigates a stagnant U.S. housing market where traditional lawn ownership faces headwinds from flat homeownership rates and changing urban demographics.
“The scale and scope of our R&D department is impressive,” Nate Baxter, Scotts Miracle-Gro chief operating officer, told FOX Business, noting that the company is leveraging its research muscle to expand into organic and biological alternatives to synthetic fertilizers. “I do believe Scotts Miracle-Gro has the horsepower in terms of the investment we make in R&D, to bring naturals and organics, to bring biologicals.”
TRUMP UNVEILS $700M COAL INDUSTRY SUPPORT PLAN USING DEFENSE PRODUCTION ACT

The White House South Lawn is set to undergo a restoration effort following this weekend’s UFC Freedom 250 event. (Courtesy of Scotts Miracle-Gro)
The upcoming mixed martial arts event has drawn considerable attention regarding the physical impact on the White House grounds, which currently feature a massive, 92-foot-high temporary venue known as “the Claw” erected on the turf.
Because the grounds are managed by the National Park Service, Scotts is structuring the contribution as a philanthropic donation.
TRUMP CONSIDERS RECLASSIFYING MARIJUANA AS LESS DANGEROUS DRUG: REPORT

President Donald Trump is pictured with members of the Scotts Miracle-Gro team in the Oval Office. Scotts plans to provide funding, products and technical expertise for the restoration of the White House South Lawn. (Official White House Photo by Molly Riley)
The restoration is more complex than a standard landscaping project. Washington, D.C.’s climate presents unique challenges, with freezing winters and hot, humid summers.
To navigate these conditions, Scotts brought its research team to the White House to review proprietary seed options with President Donald Trump, who brought his own turf-management experience to the meeting.
“The president knows a lot about grass. I think his history and past with golf courses,” Baxter noted. “It was really interesting to watch our tour scientists, and President Trump, talk through each of these.”
WHITE HOUSE UNVEILS TRUMP ACCOUNTS MOBILE APP AHEAD OF JULY 4 ROLLOUT

Scotts Miracle-Gro researchers review turfgrass samples as part of the company’s effort to develop a custom seed blend for the White House South Lawn. (Scotts Miracle-Gro)
Scotts presented multiple seed varieties before settling on a customized four-seed blend engineered to withstand heavy staging equipment and helicopter landings.
“Creating a proprietary blend for the White House’s unique conditions presented a distinct set of challenges,” Matthew Koch, R&D Lawns Research Fellow at Scotts Miracle-Gro, said in a press release. “It is a functional lawn that has to stand up to hundreds of events and thousands of people each year.”
The physical restoration will roll out in phases over the next year. The National Park Service will first disassemble the UFC infrastructure, followed by a previously scheduled public infrastructure project on the grounds.
By July, Scotts will begin restoration by installing mature sod to quickly stabilize and re-green the space before transitioning to its custom seed blend later in the year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SMG | SCOTTS MIRACLE-GRO CO. | 61.67 | -0.21 | -0.34% |
“We’re gonna work, we’ve chosen a sod, and it’s not the same as the blend, but it has some of the same cultivars, we’re gonna help them restart, and get a piece established,” Baxter said.
Once cooler autumn temperatures arrive, technicians will overseed the lawn with the custom four-seed blend selected for the project. A final round of overseeding and fertilization in spring 2027 will complete the restoration.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
While the exact White House mixture is a one-time donation to the National Park Service and will not be commercialized, Scotts confirmed that the underlying cultivars are present in their retail product lines.
By spring 2027, the company expects the restoration to be complete, bringing the South Lawn back from a weekend of UFC fights to its more familiar role hosting state ceremonies, public events and Marine One landings.
Business
Citi raises KOSPI target to 10,000 as bull case remains intact

Citi raises KOSPI target to 10,000 as bull case remains intact
Business
SpaceX: Wall Street's $226 Billion Assumption Is Frail
SpaceX: Wall Street's $226 Billion Assumption Is Frail
Business
Genius Sports: A Perfect Blend
Genius Sports: A Perfect Blend
-
NewsBeat6 days agoAlexander Zverev wins the French Open to finally earn a 1st Grand Slam title
-
Entertainment7 days agoThe Best Mystery Series of All Time Is Surging on Streaming 30 Years After It Ended
-
Crypto World6 days agoAnatomy of the June crypto crash: Fed, Iran, Saylor
-
Crypto World2 days agoOppenheimer backs SpaceX as $70 billion retail frenzy builds
-
Crypto World2 days agoMarkets Rally as SpaceX IPO Looms Amid Iran Tensions and Inflation Surge
-
NewsBeat6 days ago
Alexander Zverev conquers demons and outlasts Flavio Cobolli to win French Open for first major title
-
Tech6 days agoMicrosoft unveils seven homegrown AI models in new bid for ‘long term self-sufficiency’
-
Business6 days agoHigh Stakes for Wembanyama as New York Pushes for 3-0 Lead
-
Tech6 days agoNotion restores access to Anthropic after service disruption
-
Business7 days agoThe Pain Points Taking a Fragile Tech Rally Down a Notch
-
Crypto World5 days ago
Eli Lilly (LLY) Stock Surges 4% Following Breakthrough Sleep Apnea Trial Results
-
Business7 days agoThe investment to transform historic St Helen’s ground in Swansea
-
Crypto World6 days agoTrump’s AI Ownership Plan Could Benefit Anthropic at OpenAI’s Expense
-
Sports4 days agoBangladesh beat Australia after 20 years in ODIs, register only their second win over six-time world champions | Cricket News
-
Sports5 days agoFIFA WC 2026 Group C: Morocco, Scotland challenge Brazil’s hunt for glory | FIFA World Cup 2022
-
Tech22 hours agoNanoClaw integrates JFrog registries to secure AI agent downloads
-
Crypto World17 hours agoBitget enters Argentina’s regulated crypto market through PSAV registration
-
Fashion1 day agoWeekend Open Thread: Tuckernuck – Corporette.com
-
Tech1 day agoThis Week In Security: Microsoft On Microsoft, Register Your Domains, Linux On ARM, And FreeBSD Joins The File Cache Club
-
Politics2 days agoPolitics Home | Healey Resignation Is “Colossal Failure Of Government”, Says Former Labour Defence Secretary

You must be logged in to post a comment Login