SpaceX’s initial public offering has sent the value of shares held by current and former employees sharply higher, pushing the wealth management industry into a race to sign them as new clients. More employees are gaining large amounts of liquidity from the listing, drawing heightened interest from Wall Street and wealth managers.

Business Insider reported on June 15 that Scott Morton (스콧 모턴), a former SpaceX employee and the founder and chief executive of Los Angeles-based software company Revel, said he has recently received a range of sales pitches from wealth managers. "I’m getting contacted in all sorts of ways, from handwritten letters to souvenirs to LinkedIn messages," Morton said.

Morton said one large wealth management firm recently sent a letter directly to his home to propose managing his assets. Another firm sent a bag and promotional gifts. He also said approaches via personal messages on LinkedIn have continued.

He said the outreach reflects the sizable equity compensation he received during about 10 years at SpaceX. SpaceX’s valuation has recently exceeded $2 trillion since the listing. The value of assets held by current and former employees who received stock options and stock awards has also risen sharply.

In an interview just before the listing, Morton said, "Not only engineers and technicians, but even baristas are now sharing in the fruits of the company’s growth." He added, "Many people who worked for the company for a long time will be rewarded."

SpaceX is considered one of Silicon Valley companies with a high share of equity-based compensation. The listing is seen as providing the first major opportunity for employees to cash out shares they hold. Morton started at SpaceX as an intern and served as a software engineering manager on the Starship project. He now runs Revel, a startup that develops software for hardware control and testing.

Revel develops software linking physical systems and digital technology, including rocket engine test sites, nuclear reactors and industrial automation facilities. It raised $150 million in a Series B funding round in February this year.

The market is also seeing expectations that the listing could do more than simply increase employees’ wealth and could become a catalyst for creating a new startup ecosystem. Morton said cases are already increasing of SpaceX alumni launching startups based on funding, experience and networks. "That kind of flow is already emerging," he said. "A SpaceX mafia already exists."

This is interpreted as a phenomenon similar to the so-called PayPal Mafia formed by entrepreneurs who came from PayPal. PayPal alumni later founded many companies including Tesla, Palantir, YouTube and LinkedIn, having a major impact on Silicon Valley’s ecosystem.

Still, the market also sees a low likelihood that the listing will immediately lead to a large-scale talent exodus. Morton said many current employees he is in contact with remain strongly motivated by the company’s long-term vision. He said they are particularly committed to SpaceX’s long-term goals, including Mars exploration and building a lunar base. "Not everyone will leave the company just because they gain financial room from the listing," he said.

On the other hand, the listing could open new options for early employees and those who have left. Morton forecast that some former employees are likely to use the funds they secured to start businesses or invest. "An IPO gives people financial freedom," he said. "It provides a safety net that allows new challenges."

The market is also focusing on the possibility that funds released through the SpaceX IPO could flow into investments in next-generation space, defense, robotics and energy startups. In particular, hard-tech startups founded by SpaceX alumni are expected to gain more investor interest and trust after the listing.