SpaceX, the rocket and satellite firm, is releasing employee shares in stages, with the first 20% becoming available today, 6 August. This follows the company's listing on the Nasdaq in June, which was described as the biggest initial public offering (IPO) in history, valuing the firm at more than $2 trillion.
Engineer Andre Lavoie, who joined SpaceX in 2009 and received shares as part of his compensation, plans to sell some of his stake. His 200,000 shares are now valued at approximately $23m (£17m). Lavoie stated, "Every chance I get going forward, I'll sell a little bit more."
SpaceX's founder, Elon Musk, indicated that the listing likely made "several thousand" employees millionaires. Reports suggest an estimated 4,400 new millionaires were created by the listing. However, shares in the company tumbled after its first results as a public company showed a net loss of $143m in the three months to June, and a loss of $2bn during the first six months of the year, with spending ballooning to $18.3bn.
Some analysts value SpaceX at less than half its current stock market price, citing financial risks tied to xAI. Conversely, Ron Epstein, an aerospace analyst at Bank of America Securities, suggests recent share price swings reflect broader market trends rather than fundamental company issues, highlighting SpaceX's role in reducing the cost of reaching orbit.