A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

The SpaceX IPO is expected to mint thousands of new millionaires and multiple new billionaires. While current and former employees won’t be able to sell their shares right away, some are already planning how to spend their windfall.

That newfound wealth could have a ripple effect across the luxury property markets near SpaceX’s office hubs and boost spending on watches, private jet charters and other status symbols, experts told CNBC.

Real estate agent Gerard Bisignano said he has recently received inquiries from several long-time SpaceX employees looking for homes in the South Bay area of California. They range in age from their mid-30s to early 40s, he said.

“They seem to be in a state of disbelief themselves that they’re suddenly going to be able to, in some examples, buy a home for their parents. They’re going to have all this discretionary income that they can really do what they want,” said Bisignano, a partner at Vista Sotheby’s.

SpaceX’s California office is a short drive away from the wealthy coastal communities of Manhattan Beach, Redondo Beach, Hermosa Beach and Palos Verdes Estates. Bisignano said he expects many SpaceX employees to snap up high-end homes in the area. He noted there was a similar buying spree in the neighborhoods around the Facebook headquarters after that company’s IPO in 2012, with home values there jumping 21%.

Bisignano said he also anticipates an influx in interest for second homes in other scenic California locales like Mammoth Lakes, Palm Springs and Tahoe.

Texas real estate agent Gary Dolch said he’s seeing similar interest from SpaceX employees in the greater Austin area, with SpaceX’s Bastrop campus located roughly 30 miles from downtown Austin. Some plan to buy soon after taking a margin loan, while others are waiting for the IPO lockup period to end, he said.

Prospective homebuyers’ tastes run the gamut from luxury condos on Lake Austin or Lake Travis to 1,000-acre ranches farther from the city, Dolch said. He added that he’s optimistic that the IPO will boost the luxury market in Austin, which has softened over past three to four years.

“It feels like we’re on the verge of the next wave in Austin’s expansion fueled by this tech run,” he said.

The newly wealthy rarely stop their spending spree at a dream home, Bisignano said. He expects buyers to vie for homes with four-car garages to fit their brand new Ferraris.

And while sports cars are a popular choice, luxury watches are a more practical status symbol for every day use.

Paul Altieri, CEO and founder of Bob’s Watches, said a watch is often the first luxury purchase after a major liquidity event. He said customers usually opt for Rolexes as they are instantly recognizable. Models like the Daytona, GMT-Master II and Submariner are most popular, he added.

“The watch becomes a reminder of that accomplishment every time they put it on,” he said. “The stock certificate stays in a brokerage account. The watch goes on your wrist.”

John Shmerler, CEO of The 1916 Company, a luxury watch and jewelry retailer, said customers who have been waiting for years are often willing to pay a premium for pre-owned timepieces by trophy brands like Patek Philippe and F.P. Journe.

The splurge doesn’t stop there. While some SpaceX employees may have already flown first class, the IPO will enable many to fly private.

D.J. Hanlon, executive vice president of sales at Flexjet, and Kolin Jones, founder and CEO of Amalfi Jets, said their private jet companies have seen recent inquiries specifically related to the SpaceX IPO.

Jones said clients are already chartering jets to celebrate the occasion with a trip.

The top choice for celebrating a liquidity event is Las Vegas, especially for younger fliers traveling without children, Jones said. Miami and Cabo San Lucas, Mexico, are also popular destinations.

Fliers looking to take the entire family on vacation, however, lean toward Aspen, Colorado, and Yellowstone National Park, Jones said. And Disney World is a classic choice for local families with young children who want to avoid the hassle of airport security, he added.

With newly wealthy customers, the Amalfi Jets sales team sometimes receives follow-up calls from wealth managers asking to cancel their clients’ charter or downgrade to smaller jets, Jones said.

“It is sometimes comical to see the clients arguing with their wealth manager, saying, ‘No, it’s my money, I want the Gulfstream,'” he said. “There’s going to be a lot of people that are flying private for the first time, and I think it’s going to be a really fun spending spree.”

Bitcoin prices fell to their lowest levels since early April on Tuesday after a decline spurred by crypto treasury company Strategy selling a small amount of its bitcoin holding intensified. 

Traders on prediction market platform Kalshi think the cryptocurrency has more room to fall in its current “crypto winter.”

There’s a nearly 80% chance that the flagship crypto’s price will fall below $60,000 in 2026. That would mean bitcoin hitting a new low, tumbling below February’s levels. Early that month, bitcoin dropped as low as $60,062.

Traders also think there’s a 52% chance prices will dip under $50,000 this year. Bitcoin hasn’t traded with a four in front of its price since August 2024. 

Bitcoin prices are off more than 45% since their highs of more than $120,000 last October.

Week to date, the cryptocurrency is down nearly 10% and bitcoin was last trading around $66,500.

Traders on Kalshi have also grown more bearish on the outlook for when the cryptocurrency might hit six figures again. They give just a 27% chance that happens in 2026, after giving it nearly 50% odds as recently as early May. 

Traders on Polymarket, meanwhile, see a 12% likelihood bitcoin hits all-time highs in 2026. 

Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.

Federal Reserve Governor Stephen Miran entered with big ideas about how the central bank should change— radically so, in some cases. As he prepares to step down in the coming days from what will have been the shortest tenure as a governor in 71 years, he appears convinced his ideas are right.

But in a CNBC interview, Miran, 42, made clear that the reality of working at the Fed has tempered his views about how fast those changes can be made. Change is slower than he envisioned.

The Fed is “really a committee,” Miran said. “It’s different than an agency where there’s a very clear executive who just runs the show, and what he or she says goes, and if you don’t like it, you’re out.”

That observation is important for two reasons: First, Miran could return as a governor, potentially before the end of President Donald Trump’s term. Second, incoming Chair Kevin Warsh shares some of Miran’s big ideas.

Warsh was confirmed as the next chair on Wednesday and will take the board seat Miran is vacating. The two won’t overlap.

But Warsh will be forced to reckon with the reality Miran has encountered: a Federal Reserve full of people with their own economic ideas and where institutional change is often glacial.

“You’ve got to convince people,” said Miran, who took his seat in September 2025, filling a position vacated by Adriana Kugler.

Miran said the Fed’s policymakers and staff treated his ideas with an open mind, despite sharp criticisms from outside the building that he represented a threat to Fed independence.

He initially chose not to resign his position as chair of the White House Council of Economic Advisers under Trump while serving at the Fed. He described that as aimed at saving himself the trouble of what could have been a third Senate confirmation in a brief span, but the decision landed poorly amid Trump’s campaign to undermine Powell.

Miran resigned the White House position in February and has no immediate plans to return.

He argues his critics have it backward. He was valuable to the president because he looked at the economic evidence and concluded that interest rates were too high. “I’ve laid out my math,” he said. “I’ve always done what I think is right.”

Miran will end his tenure on the Fed with a rare record of dissenting at every one of the six Fed meetings he attended. That lines up with Trump’s demands for sharply lower interest rates. Even when the Fed cut rates, Miran dissented in favor of larger cuts.

Those colleagues have likely not heard the last word on the potential benefits of deregulation. Fed Chair designee Warsh has called Trump’s deregulatory plans “the most significant since President Ronald Reagan’s.”

Miran’s views on the veracity of the inflation data are another key plank in his arguments for lower rates. In a forthcoming paper, Miran will argue along with two Fed economists that recent software inflation has been artificially inflated by technical factors, distorting headline and core numbers.

Perhaps the most significant of Miran’s ideas is his approach to how he believes a central bank should think about the appropriate policy response to a surge in inflation for a supply shock, such as soaring oil prices now. He says it takes roughly 12 months to 18 months for changes in Fed policy to affect the economy. That sets limits on the kind of price changes that the Fed should be concerned about today, he says.

Consider a clothing company that has had to bump up prices to account for the cost of tariffs, Miran said.

“If you think that a higher tariff is going to boost clothing prices today, there’s nothing you can do about that with monetary policy,” Miran said. The same goes for Iran war’s oil shock, he said. It may push up individual prices today, but the kind of inflation the Fed should care about is an ongoing, upward trend in prices, not one-off events.

“That’s the thing with supply shocks, is that you need to be forecasting more supply shocks,” he said.

Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday.

Here’s what Wall Street expects:

• Earnings: $16.49 per share, according to LSEG
• Revenue: $16.97 billion, according to LSEG
• Trading revenue: Fixed income of $4.92 billion, equities of $4.91 billion, per StreetAccount
• Investing banking fees: $2.5 billion, per StreetAccount

Goldman Sachs is set up to benefit from several trends during the first quarter.

Trading desks across Wall Street have been busy at the start of the year as institutional investors set new positions against the churn of AI-led disruption across sectors.

At the same time, the investment banking rebound is expected to continue, with revenue for the industry set to climb by 10% in the quarter, per Dealogic.

For Goldman Sachs, which gets most of its revenue from its trading and investment banking franchise, the main question analysts will have is about the impact of the Iran war that started on Feb. 28.

Disruptive events that impact the price of commodities — like the Iran conflict has — can sometimes force corporate clients to the sidelines, meaning a delay in mergers activity might have started. At the same time, the churn can lead to greater trading revenues thanks to moves in interest rates, bond prices and currencies.

Shares of the bank have climbed about 3% this year.

This story is developing. Please check back for updates.

Arm jumped in early market trading Wednesday after the company said its newly released in-house chip would generate $15 billion in revenue alone by 2031.

The British semiconductor and software design firm revealed its first-ever internal chip, the AGI CPU, at an event in San Francisco on Tuesday. The chip is designed specifically for AI inference in data centers, as demand for central processing units has surged with the rise of agentic AI.

The new chip is expected to generate $15 billion in revenue by 2031, with total annual revenue of $25 billion and earnings per share of $9, Arm’s CEO Rene Haas said at the event. The revenue expectation is six times more than the $4 billion it generated in annual revenue in 2025.

Arm was last up around 13.2% in premarket trading. The stock closed down 1.5% on Tuesday.

For decades, Arm has typically licensed its instruction sets to other companies and collected royalties on every processor made with its designs. However, with its new chip, it’s now competing with its own customers, including Amazon, Microsoft, Nvidia, and Google.