A group of SpaceX employees have organized into a collective bargaining bloc, pooling an estimated $20 billion in equity to muscle wealth managers into institutional pricing, ahead of what could be the largest IPO in history, Bloomberg reported.
The effort is led primarily by former SpaceX engineer Aisha Ayoub and coordinated through a private Slack room. The collective is said to contain more than 1,000 current and former employees.
The central demand is price. The group wants an all-in advisory fee below 0.5% of assets under management, half the traditional 1% rate. To get there, its members have evaluated more than 20 financial advisers and private banks, according to a May document summarizing the effort.
SpaceX employees hold a tangled mix of stock options and restricted stock units, many set to unlock on a staggered post-IPO schedule. That means a single, massive, concentrated position coming loose in waves, with each wave being a taxable event. The group wants tools built for that exact problem.
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SpaceX is targeting a raise of as much as $75 billion in its IPO, potentially as soon as this month, which would value the company at a minimum of $1.8 trillion.
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