Aside from fueling Elon Musk's orbital data center ambitions, the recent SpaceX initial public offering minted thousands of new millionaires — and where they put their money will have ripple effects lasting a generation. Can you guess where that money won't go?

In a charmingly outdated New York Post piece from May, Lydia Moynihan predicted that the SpaceX IPO would create "dozens, if not hundreds" of millionaires, including one anonymous early investor who told Moynihan that "she’s already hired someone to run her newly created family office, which manages her investment portfolio."

“There are going to be a lot of single family offices that come out of this IPO,” founder of the Family Office Division at Compass, Cindy Scholz, told the Post.  The paper reported that with dozens or hundreds of SpaceX millionaires, "Family offices have already grown 25% over the last five years, and she expects to see that number skyrocket in the coming month."

The actual number of new millionaires (and even a few billionaires) created was a bit north of 4,400. Of those, Moynihan's "hundreds" had eight-figure net-worth paydays when SpaceX went public.

That's a lot of new family offices and whatnots. 

Scholz, according to the Post, also said last month that the SpaceX windfall will "accelerate the exodus from California."

Well, guess what?

Here comes Kristen Altus from Fox Business, who reported Monday that a "fresh wave of Silicon Valley wealth could soon flow into South Florida."

"With OpenAI quietly filing for a confidential IPO alongside market debuts from aerospace giant SpaceX and AI rival Anthropic," she wrote, "billions of dollars in overnight liquidity are about to be unlocked for executives and middle management alike."

However, Altus reported, "Instead of reinvesting in the Golden State, this incoming class of newly minted tech multimillionaires is already flooding Florida real estate brokers with calls — triggering what experts say could be a rapid-fire 'Tech Exodus 2.0' measured in months, not years."

Nobody tell Gov. Gavin Newsom, who has already spent all those new income tax dollars.

And Another Thing: I was able to buy exactly one (perhaps overpriced) share of SpaceX the day it went public, and then went into waiting mode. When SPCX share dropped from IPO-hysteria highs on Wednesday, I started buying just a little. I'm now the proud owner of 10 (!!!) whole shares, and am a couple hundred dollars poorer as the shares keep falling. But I don't care, because I own 10 whole shares of the world's most exciting company.

Even before SpaceX went public, Frank Jacobs went through the numbers for Big Think in May and found that since 2018, "around 103,000 millionaires moved out of California," and that "133,000 millionaires moved in to Florida," mostly from the Formerly Golden State and New York. "Wealthy Americans are migrating in large numbers from high-tax states to lower-tax ones and reshaping the nation’s economic geography," Jacobs wrote, concluding that "steep marginal tax rates may be counterproductive, driving away the very revenue" Albany and Sacramento hoped to get their greedy blue fingers on. 

So it's no stretch to predict that all these SpaceX/Anthropic/OpenAI IPO winners will follow suit.

"The California area codes have already started showing up," Fort Lauderdale Downtown Development Authority CEO and President Jenni Morejon told Altus. "It's just that the conversations are evolving."

As it turns out, Florida's appeal isn't just about friendly tax and regulatory environments — it's about the culture. "Silicon Valley is absolutely a boring place to live compared to Miami," Naftali Group CEO Miki Naftali told Fox. "How can you even compare between living in Miami and Silicon Valley?"

But it's the lost business opportunities that might come to haunt California and New York the most. "I think you see that this isn't just a lifestyle narrative," Morejon added, "it's actually an operating environment for new businesses. And we have the engineering and infrastructure emerging to prove that."

The money is nice, too — especially when it isn't flushed down another one of Sacramento's money pits.

Recommended: Fail, Britannia: Meet the New Commie, Worse Than the Old Commie

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