Key Takeaways
- • SpaceX, Anthropic and OpenAI IPOs are expected to create substantial liquidity for their employees and early investors, with SpaceX publicly listing at a $1.75 trillion valuation according to the article.
- • Industry experts expect rising demand for wealth management and multi-family office services and the formation of new family offices following these liquidity events.
- • Deloitte projects single-family offices will grow from 8,030 in 2024 to 10,720 by 2030, with assets under management rising from $3.1 trillion to $5.4 trillion over the same period.
- • Recruiting priorities are shifting toward AI-informed investment leadership, expertise in managing concentrated stock positions, and due diligence on complex special purpose vehicles.
- • Advisers cite roughly $500 million in assets as the approximate break-even point for a single-family office, with a full internal investment team generally requiring $1 billion or more.
Summary
The upcoming IPOs of SpaceX, Anthropic and OpenAI are poised to generate significant wealth for employees and early backers, according to the Chief Investment Officer report. SpaceX, founded in 2002, was valued at $33.3 billion in a 2019 funding round and is publicly listing at a $1.75 trillion valuation. OpenAI, now valued at $852 billion, was valued at $1 billion in 2019. Anthropic, founded in 2021, is currently valued at $965 billion following a $65 billion Series H round.
The article cites analysis from private funds marketplace Hill Technologies estimating that the SpaceX IPO alone could create 4,000 millionaires, with around 400 individuals earning $100 million or more. The Wall Street Journal reported that an October 2025 OpenAI tender offer saw more than 600 current and former employees sell approximately $6.6 billion in stock. Deloitte's 2024 report projects single-family office assets rising to $5.4 trillion by 2030 from $3.1 trillion in 2024.
Renee Neri of Heidrick & Struggles says family office growth historically follows wealth creation and wealth transfer cycles, and both are now converging. Beata Kirr, CIO of Northern Trust's global family office group, expects AI knowledge to become a baseline requirement for investment leadership, and says new wealth could skew younger and include more women, with potential implications for impact investing and philanthropy. Jim Besaw of GenTrust says clients are focused on reducing concentrated positions that have grown to 20% or 30% of net worth. Existing family offices are seeking pre-IPO exposure directly or through SPVs, which require specialized due diligence skills.
On structure, Kirr and Neri place the break-even for a single-family office at roughly $500 million, with a full internal investment team generally making sense at $1 billion or more. Jacob Gamble of Cowen Partners argues that at $100 million, a multi-family office charging around 80 basis points can deliver comparable outcomes at lower cost than a single-family office. UBS's 2026 global family office report indicates continued interest in AI-related exposure, including data centers, AI software and semiconductors, despite concerns about market overheating.
The article cites analysis from private funds marketplace Hill Technologies estimating that the SpaceX IPO alone could create 4,000 millionaires, with around 400 individuals earning $100 million or more. The Wall Street Journal reported that an October 2025 OpenAI tender offer saw more than 600 current and former employees sell approximately $6.6 billion in stock. Deloitte's 2024 report projects single-family office assets rising to $5.4 trillion by 2030 from $3.1 trillion in 2024.
Renee Neri of Heidrick & Struggles says family office growth historically follows wealth creation and wealth transfer cycles, and both are now converging. Beata Kirr, CIO of Northern Trust's global family office group, expects AI knowledge to become a baseline requirement for investment leadership, and says new wealth could skew younger and include more women, with potential implications for impact investing and philanthropy. Jim Besaw of GenTrust says clients are focused on reducing concentrated positions that have grown to 20% or 30% of net worth. Existing family offices are seeking pre-IPO exposure directly or through SPVs, which require specialized due diligence skills.
On structure, Kirr and Neri place the break-even for a single-family office at roughly $500 million, with a full internal investment team generally making sense at $1 billion or more. Jacob Gamble of Cowen Partners argues that at $100 million, a multi-family office charging around 80 basis points can deliver comparable outcomes at lower cost than a single-family office. UBS's 2026 global family office report indicates continued interest in AI-related exposure, including data centers, AI software and semiconductors, despite concerns about market overheating.
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