SpaceX’s upcoming IPO could create billions in new wealth not only for Elon Musk, but also for the executives and early backers who stayed with the company for years. Bloomberg estimates that a jump in SpaceX’s valuation — from about $1.25 trillion after the xAI combination to a possible $1.75–2 trillion IPO range — would sharply increase the value of insider stakes.

One of the biggest beneficiaries is Gwynne Shotwell, SpaceX’s president and chief operating officer, who joined the company in 2002. Through direct holdings and trusts, she reportedly owns about 12.4 million shares, in addition to stock options. Bloomberg estimates her stake is already worth around $1 billion and could approach $2 billion if SpaceX reaches a $2 trillion valuation.

Chief Financial Officer Bret Johnsen, who joined SpaceX in 2011, could also enter billionaire territory. Bloomberg’s estimates put his current stake at about $695 million, rising to roughly $1.4 billion under a $2 trillion valuation scenario. Longtime Musk allies and investors such as Antonio Gracias and Luke Nosek could see even larger multibillion-dollar gains.

Musk remains the central winner. Reuters confirms that he is expected to retain about 85.1% voting power after the IPO, keeping strategic control firmly in his hands. SpaceX is preparing to list on Nasdaq under the ticker SPCX, with trading expected in June in what could become the largest IPO in market history.