A former data scientist who worked at Elon Musk’s aerospace company is sitting on roughly $3.5 million in SpaceX shares — and he’s been spending some of that windfall in unexpected ways.
The man, who goes by Chip and asked that only his first name be used when discussing his finances, recently purchased meteorites valued at $10,000 and a $5,000 fire truck. The 50-year-old space enthusiast isn’t entirely sure what he’ll do with the truck — perhaps use it as a novelty attraction at his 3-year-old child’s birthday party. His new wealth, tied to SpaceX’s initial public offering in June, has given him the freedom to splurge on what he calls “silly” things.
Chip has also been eyeing a TAG Heuer Carrera Calibre 1887 SpaceX Chronograph watch priced around $8,000. The timepiece draws inspiration from NASA astronaut John Glenn’s 1962 orbital mission.
Stories like Chip’s are becoming more common as an estimated 440,000 Americans became millionaires last year through stock market gains and, more recently, through public offerings from artificial intelligence companies. But whether that wealth will breathe new life into the struggling global luxury goods sector remains an open question.
“This industry is competing more and more with other industries and with other buckets of possible expenditures and purchases,” said Federica Levato, a partner at the consulting firm Bain & Company.
High-end fashion brands are hoping this tech millionaire surge can serve as a lifeline at a time when they’re dealing with ongoing weakness in China and shaky consumer confidence worldwide. The personal luxury goods market, valued at €358 billion (approximately $406 billion) in 2025, has actually shrunk over the past two years, according to a Bain study released last month.
Still, North America stood out as one of the fastest-growing regions for major luxury groups including LVMH, Richemont, Hermès, and Kering’s Gucci during the quarter ending March 31. Richemont’s CEO told analysts in May that a “high level of consumer confidence in America” was driving strong sales.
The challenge for luxury brands is that tech millionaires don’t always share the same tastes as traditional wealthy consumers. AI strategist Zack Kass, who ran the go-to-market division at ChatGPT creator OpenAI until 2023 and holds an undisclosed stake in SpaceX, put it bluntly: “I played volleyball in high school and college. I literally took my OpenAI winnings and bought a professional sports team” — referring to a volleyball franchise.
Tech workers tend to gravitate toward experiences and wellness, including smartwatches that monitor steps and calorie intake, according to Harrison Colcord, founder of Harrison Lifestyle Concierge.
A former SpaceX engineer named Robert — who also requested that only his first name be used — said his SpaceX shares are worth roughly $4 million. He and his wife recently upgraded to new Apple Watches as part of a renewed focus on fitness, while planning to reinvest most of their newfound wealth. The couple recently took a cruise around Alaska.
That said, traditional luxury watches from top names like Rolex and Richemont’s Cartier still hold appeal, partly because they can function as investments — their resale value often exceeds the original retail price. “You’re not wearing your smartwatch with your tux or your suit,” Colcord noted.
The United States was the top destination for Swiss watch exports in 2025, capturing 17% of global shipments despite disruptions caused by import tariffs, according to the Federation of the Swiss Watch Industry. Rolex declined to comment on the trend, and Richemont did not respond to a request for comment.
When it comes to clothing, newly wealthy tech workers spend about one-third less on upscale outfits and leather goods compared to those who inherited generational wealth, said Filippo Bianchi, who heads the global luxury team at Boston Consulting Group. Their top priorities tend to be durable assets like real estate, yachts, and cars.
Some brands do still resonate with affluent tech clients. A California-based stylist who works with tech executives said labels like Chanel and Hermès carry logos that wealthy clients are often happy to wear.
But Chip isn’t among them. He says he has no plans to revamp his wardrobe — unless he upgrades his outdoor gear. The last jacket he bought came from the thrift store Goodwill. “I’ve been in T-shirts and shorts for years,” he said. “That’s what I’m comfortable in — I don’t see that changing.”
