SpaceX IPO Mints Thousands of Millionaires, Sparks Wealth Management Opportunity for Andersen Group

SpaceX went public on Friday, creating thousands of new millionaires and several billionaires among its current and former employees — a wealth event analysts say could ripple well beyond the rocket company itself.

Baird identified San Francisco-based wealth advisory firm Andersen Group as a less-obvious beneficiary of the listing, arguing that the sudden influx of high-net-worth individuals in California and Texas positions the firm to materially expand its client base.

"The SpaceX IPO is expected to mint thousands of new millionaires and multiple new billionaires, expanding ANDG's target market," Baird wrote in a note.

Andersen Group shares surged 8% on Friday and have gained 46% so far this year. Of the seven analysts currently covering the stock, five have rated it a strong buy or buy, while two carry a hold rating. The average price target implies upside of 6%.

The note also cited a broader lifestyle shift among SpaceX's mid-30s to early-40s employee base. According to California real estate agents, interest in luxury homes has risen in recent weeks, while demand for first-class plane tickets and high-end watches has ticked higher in both California and around Austin.

Earlier this week, more than 100 current and former SpaceX employees with combined assets estimated between $1 billion and $5 billion formed a group to negotiate lower-than-standard fees with wealth management firms — underscoring the scale of newly created wealth seeking professional guidance.

Baird noted that Andersen Group's opportunity may extend beyond SpaceX. "ANDG could see further benefits as other major Silicon Valley IPOs come through this year and next," the firm wrote.

The listing has also drawn political attention. Sen. Adam Schiff (D-Calif.) took to social platform X late Friday to criticize what he called a "corrupt system" that produces extreme wealth concentration while many Americans remain without health care coverage. "There is something terribly wrong about an economy that produces its first trillionaire, but cannot provide health care for its people," Schiff wrote, in an apparent reference to SpaceX founder Elon Musk.

Not all analyst sentiment around SpaceX has been positive. CFRA issued a sell rating on the stock shortly after the IPO, while Wolfe Research described SpaceX's valuation as supported by what it called a rocket launch "moat."

The divergence in analyst views reflects ongoing debate over how to price a company with SpaceX's profile — a private-sector launch provider with dominant market share in commercial rocketry, now subject to public-market scrutiny for the first time.

For Andersen Group, the more immediate question is whether the firm can convert the newly minted wealth into a durable expansion of its advisory book, particularly as competing wealth management firms also angle for the same pool of SpaceX beneficiaries. Baird's thesis rests on the firm's established presence in the two states where that wealth is most concentrated, suggesting geography alone could be a meaningful edge in the months ahead.

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