A SpaceX sign outside the Space Exploration Technologies Corp. facility in Hawthorne, California, June 3, 2026.
Michael Yanow | Null Photo | Getty Images
current and former groups space x Employees who worked together to manage post-IPO assets created a new low-fee advisory option with Choreo, according to people familiar with the deal.
The employee group has more than 100 members and has potential assets of $1 billion to $5 billion, said the people, who asked not to be identified to discuss the secret agreement. What began as an informal chat forum focused on philanthropy has grown into a broader effort to leverage the combined windfall from the initial public offering to create greater efficiency and better access to financial advice, people told CNBC.
A small team representing the group evaluated potential companies and created a new wealth management service powered by Choreo that members could opt-in to. Correo, a Chicago-based registered investment advisor, says on its website that it manages and advises on more than $28 billion in assets, with more than 40 offices and 200 wealth advisors.
Details and specific terms remain confidential, but people told CNBC there will be a minimum annual fee or annual management fee of less than 0.5% of assets under management. If your commission is less than 0.5%, it may be lower than the industry standard of 0.5% to 1%. Choreo’s pricing structure is designed for long-term contracts rather than one-time promotional offers.
Mr. Correo did not respond to requests for comment.
The deal marks a bold experiment in the wealth management industry, potentially shifting the balance of power from advisory firms to wealthy investor groups.
Wealth management companies typically set fees based on a person’s or family’s level of wealth, with sliding fees depending on the assets invested. SpaceX employees and alumni employees are proving that by joining forces, they can leverage their joint financial scale to secure better terms options.
The agreement also highlights the unprecedented power of the SpaceX IPO, establishing a vast number of new billionaires who will be paid in stock and creating one of the wealth management industry’s most coveted liquidity prizes.
Elon Musk’s rocket company plans to list on the Nasdaq on Friday.
The vast majority of SpaceX employees, many of them engineers who were paid below-market salaries in exchange for stock, have never had large amounts of wealth to manage.
By lowering fees, SpaceX Group members hope they will be able to devote more of the proceeds from SpaceX’s IPO to philanthropy, people familiar with the matter said.
Officials said the forum is where many SpaceXers share advice and contacts on how best to use their new wealth to give back to their communities. Some indicated they were considering scholarships and funding to the universities where they were trained and educated. Some said they wanted to fund new programs that would give children more access to engineering, science and math programs.
Employees at Anthropic, which recently submitted a confidential plan to go public, are also in talks with advisory firms about possible collective options, people told CNBC.
