Author: NY Post
Compiled by Deep潮 TechFlow
Deep潮 Overview: SpaceX is set to create the largest IPO in Wall Street history, with a valuation of $1.8 trillion. It is estimated that up to 4,000 SpaceX employees—from engineers to cafeteria staff—holding stock options will become millionaires overnight. Meanwhile, in Brownsville, Texas, the town near SpaceX’s headquarters where the median home price is only $290,000, local real estate agents are already preparing for this wave of wealth.
SpaceX will list on Nasdaq on Friday under the ticker symbol SPCX, becoming the largest IPO in Wall Street history, with a target share price of $135 and a valuation nearing $1.8 trillion.
The IPO is estimated to create 4,000 new millionaires among SpaceX employees, benefiting everyone who holds employee stock options as part of their compensation—from engineers to cafeteria staff.
In Brownsville, a Texas town near SpaceX’s headquarters, real estate agents are preparing for this gold rush. The median listing price for homes in Brownsville is just $290,000, down 7.9% year-over-year and significantly below the national median of $425,000.
In April this year, Brownsville had 1,617 homes for sale, of which only 67 were listed at over $1 million.
The luxury housing market is severely restricted.
"From a national perspective, the luxury home market in Brownsville is small," said Hannah Jones, Senior Economist at Realtor.com. "Only 4.1% of homes for sale are listed above $1 million, and the 95th percentile is just below $925,000—significantly lower than the comparable thresholds in Austin or Houston."
However, Jones said the broader Brownsville market is diverging.
Long-term residents are facing real housing affordability pressures—while new professionals, many of whom are SpaceX relocations, find Brownsville much more affordable compared to where they came from," she explained.
Jones called the upcoming SpaceX IPO "the biggest unknown."
"Because SpaceX has historically compensated employees with equity rather than cash, most of this wealth is illiquid," she said.
With IPOs potentially creating so many new millionaires, Jones believes a significant portion of this capital is likely to flow into real estate.
"With such tight supply of luxury homes, even modest demand from newly liquidity-empowered employees could quickly push up prices in the high-end market," she said.
How SpaceX came to Brownsville
In 2014, SpaceX selected Boca Chica Beach, approximately 25 miles east of Brownsville, as the site for its commercial launch facility, Starbase.
In March 2021, Elon Musk tweeted: "Please consider moving to Starbase or the Brownsville/South Padre Island area in Texas, and encourage your friends to do the same! SpaceX's hiring needs for engineers, technicians, construction workers, and various essential support staff are growing rapidly."
Brownsville real estate agent Bob Torres told Realtor.com: "That was the first time I suddenly started getting calls from all over—Oregon, Washington, Maine, Northern California—everywhere."
He said the subsequent real estate boom was something he had never experienced before.
“It was absolutely a boom,” Torres recalled. “Many buyers were SpaceX employees—you’d see colleagues bidding against each other for the same property, and all homes sold above asking price.”
Torres sold many properties to out-of-state buyers who had not viewed them in person.
"I have clients from Portland who had never been to Texas before," he said. "We just had a FaceTime call, and they made a full-cash offer. They didn’t even have a job at SpaceX yet, but hoped to get one—and they eventually did."
Torres said that when Musk moved SpaceX's headquarters from Hawthorne, California, to Starbase on Boca Chica Beach in 2024, Brownsville—25 miles away—gained greater attention.
In 2025, Starbase in Texas officially became a registered city.
"Land that you couldn't give away five or six years ago has now skyrocketed in price," Torres said. "They've built a lot of subdivision developments there."
The impact on the market is immeasurable.
"SpaceX has had a significant impact on our market and buyer confidence in the region," said Brownsville real estate agent Trisha Scott to Realtor.com. "While we can never attribute housing trends entirely to one company, SpaceX has created jobs, attracted talent, increased national visibility, boosted tourism, and encouraged additional investment throughout the area. These factors typically support housing demand and economic growth."
Expected impact of the IPO
As SpaceX's IPO approaches, more than 1,000 current and former SpaceX employees have joined forces to negotiate with wealth management firms for better pricing and access to tax-efficient products, according to Bloomberg.
Meanwhile, Brownsville real estate agents are closely monitoring—and anticipating increased demand for the region’s scarce luxury properties.
"The new millionaires in our region will definitely have an impact," Scott said. "If a large number of SpaceX employees acquire significant wealth through the IPO, we may see increased demand for luxury homes, investment properties, and vacation homes in the area. However, I believe any impact on the local market will likely unfold over time rather than overnight."
Torres agreed.
"I don't think SpaceX employees will immediately experience a spending boom after getting their money; they say, 'I want to buy this, that, or something else,'" he said. "I think they'll need time to process it first, but eventually they'll start spending."
The troubles of growing up
Although the presence of SpaceX is welcomed by many in the community, some have expressed concerns about its impact.
"Some older residents prefer a slower pace, lower rents, and lower property taxes," Torres said. "They don’t particularly like all these changes—such as beaches being closed during launches."
But according to Torres, Musk still has many supporters in the area—particularly because he has donated millions of dollars to support Brownsville schools and downtown revitalization efforts.
In addition, he put Brownsville in the national spotlight.
Scott said: "SpaceX has undoubtedly put Brownsville, South Padre Island, and the entire region on the map for people who might not have previously considered moving to the area."