Your SpaceX Equity.
Your Roadmap.

Whether you're holding ISOs you haven't exercised, RSUs you haven't modeled, or a post-IPO portfolio you haven't built, this page maps every decision to the Worker to Investor framework.

1
LEVEL 1: WORKER

Break Free of the Worker Mindset

Understand your SpaceX equity, model the costs, and identify time-sensitive decisions. Most shareholders stay here for years without realizing it.

USE CASE CLOSED

"The blackout is coming and I haven't exercised"

The S-1 is filed. SpaceX is expected to impose a trading blackout by end of April. Once it hits, ISO exercises go dark. You will not be able to exercise options again until after the IPO and potentially after the lockup. If you've been planning to batch-exercise, you have weeks, not months.

What the framework says: This is the highest-urgency Level 1 scenario. Exercise what you can within the AMT crossover before the window shuts. Every ISO you exercise now starts the 12-month LTCG holding clock. Every one you don't gets frozen at a $2T+ spread.
USE CASE

"I have ISOs and I don't know what to do"

The most common starting point. You have vested ISOs with early strike prices. The spread is massive at $2T. You know you should probably exercise but the AMT scares you. You've been putting it off for years.

What the framework says: Start with the math. Your AMT crossover point tells you exactly how many ISOs you can exercise this year before paying additional federal tax. Most shareholders can exercise a meaningful tranche within the crossover and pay zero additional AMT. The cost of not knowing this number compounds every year.
USE CASE

"My RSU vest hit and the withholding looks wrong"

You expected a certain amount from your May vest. The check was smaller. The 22% flat withholding rate does not match your actual 45-52% rate in California. Now the May vests are being accelerated to April before the blackout, making the gap even larger than expected.

What the framework says: The withholding gap is predictable and plannable. It happens every vest cycle. The fix is modeling it in advance and setting cash aside before the vest hits. At a $2T valuation, the gap on a large vest block can exceed six figures.
USE CASE

"The 409A jumped and I'm not sure what it means"

SpaceX's 409A hit $527 per share. The IPO target is now above $2T. You know it matters but you're not sure how it changes your exercise strategy or your RSU value.

What the framework says: When the 409A rises, the spread on your ISOs increases, the AMT on exercise increases, and the value of your RSU vests increases. Every model you ran at a lower valuation is stale. Re-run your numbers.
2
LEVEL 2: BUILDER

Design Systems and Deploy Capital

Eliminate cash drag, reduce concentration, and build the asset base that will eventually produce income on its own.

USE CASE

"I have $3M in SpaceX equity and $200K in everything else"

You know you're concentrated. You've heard you should diversify. But selling feels like giving up upside. And you can't sell anyway because the stock is private.

What the framework says: Concentration is not a problem to solve overnight. Level 2 is about systematically reducing it. Tender offers, post-IPO phased selling, and redirecting all new cash flow into diversified accounts. The question is: if SpaceX dropped 40% during lockup, what does that do to your net worth? At 85% concentration, a 40% decline costs you 34% of everything.
USE CASE

"I make $400K and I'm only using my 401(k)"

Your W-2 is high. You have access to a 401(k) and maybe an HSA. You've heard of backdoor Roth and mega backdoor Roth but never set them up. Money is piling up in a savings account earning minimal interest.

What the framework says: This is cash drag. Every dollar sitting uninvested or in a suboptimal account is costing you. Level 2 is about maxing every available vehicle: 401(k) to the limit, backdoor Roth, HSA as a stealth retirement account, mega backdoor Roth if your plan allows it. Then building the Cash Account so everything above that line gets deployed.
USE CASE

"A tender offer opened and I don't know how much to sell"

SpaceX opens periodic tender windows. You can sell a portion of your vested shares at the tender price. But how much? What do you do with the proceeds? Does it make sense to sell before the IPO when the price might go higher?

What the framework says: Tender offers are a Level 2 tool for creating liquidity before the IPO. The decision is: how much concentration reduction do you need, and what is your tax war chest target? Selling 20% at a tender is not "giving up." It is funding the foundation that makes Level 3 possible.
3
LEVEL 3: INVESTOR

Scale for Sustainable Growth

Your equity built the foundation. Now scale it. Level 3 is where your wealth works without you.

The IPO created liquidity. The selling plan converted concentration into cash. Now you have a portfolio to manage, a tax picture to optimize, an estate to design, and a critical mass number to protect. This is where the Worker to Investor transition is complete.

USE CASE

"I sold shares after lockup. Now I have $4M sitting in a brokerage account."

The hardest transition. You went from illiquid equity to a large liquid portfolio overnight. The concentration risk shifted from SpaceX stock to uninvested cash.

What the framework says: This is the Wealth Account. Asset allocation designed for your goals, tax-efficient placement across accounts, rebalancing discipline, and income generation when you need it. Portfolio management built on the framework you already understand.
USE CASE

"I crossed critical mass. Do I keep working?"

Your diversified portfolio covers your annual expenses. Work is now optional. The question shifts from "how do I grow this" to "how do I protect this."

What the framework says: Once you reach critical mass, the priority shifts to preservation. Tax-loss harvesting, Roth conversion laddering, estate planning, and lending against assets instead of selling and triggering gains.
USE CASE

"I need to start thinking about estate planning and trusts"

You have $5M+ in assets. You're married with kids. You've never set up a trust. You know you should.

What the framework says: Estate planning is a Level 3 activity. Trusts, beneficiary optimization, gifting strategies with appreciated stock, charitable giving. It's about preserving the wealth you built through Levels 1 and 2 for the people and causes you care about.
USE CASE

"I want liquidity but I don't want to sell and pay capital gains"

You have a $6M portfolio. You need $500K for a home. Selling triggers a massive tax bill you'd rather avoid.

What the framework says: Securities-backed lending lets you access liquidity without selling. Borrow against the portfolio at institutional rates, deploy the cash, and the portfolio continues to grow. An Investor-level tool most workers never learn about.

SpaceX Resources

SpaceX Calculators

The tools show you the math. The framework shows you the path.

If your SpaceX equity represents a meaningful portion of your net worth, a 30-minute conversation can map where you are in the framework and what comes next.

Talk to Derek →
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Augustus Wealth, LLC is a registered investment adviser. This content is for informational and educational purposes only and does not constitute personalized financial, tax, or investment advice. SpaceX is referenced for educational purposes only. Augustus Wealth has no affiliation with SpaceX. Calculator outputs are estimates and should not be relied upon as tax or financial advice.