The largest private employer share sales and, in 2026, the largest IPO — a case study in equity taxation.
July 2, 2026 at 12:09 PM PDT
Treasury said philanthropists can now transfer publicly traded stock directly into Trump Accounts, opening a new giving channel days before pledges from Michael and Susan Dell and SpaceX's Gwynne Shotwell.
SpaceX priced the largest IPO in history at $135 a share, but the flat 22% withholding on employee RSUs falls well short of what many will actually owe.
Elon Musk combined SpaceX and xAI in the largest all-stock merger on record, and for employees holding xAI shares and options, the tax bill turns almost entirely on one word: stock.
A tender at roughly double July's price would hand SpaceX staff a large liquidity window before a possible 2026 IPO, and the tax bill depends on whether shares came from RSUs, ISOs or purchases.
A insider share sale reported July 8, 2025 pegged SpaceX at roughly $400 billion, and the tax bill for employees cashing out at $212 a share hinges on how their shares were granted.