A group of current and former SpaceX employees have hired Chicago-based RIA giant Choreo to manage their wealth ahead of the rocket company’s massive IPO on Friday.
“Our team of sophisticated wealth advisors operates at the intersection of tax and wealth, which provides significant value to this group,” a spokesperson for Choreo told InvestmentNews. “Our fees are competitive in the industry. Choreo has the scale and infrastructure to support groups of sophisticated investors with advisors who understand the nuances of complex transactions that result in significant wealth creation.”
CNBC first reported on Tuesday that Choreo had created a new low-fee advisory option for more than 100 members from SpaceX, and the cohort totals between $1 billion to $5 billion in potential wealth. The current and former SpaceX employees reportedly negotiated an annual management fee of under 0.5% from Choreo, which is below the 1% fee on assets under management that has been the traditional standard for financial advisory firms.
“We have the right expertise and perspective to meet clients' evolving needs over the course of a long-term relationship,” added the spokesperson from Choreo, which touts more than $28 billion in assets under management and advisement, 40-plus offices, and 200 wealth management employees.
A previous report from Bloomberg said that more than 1,000 current and former SpaceX employees with a combined worth of $20 billion in assets had come together to barter with advisors to manage their upcoming fortunes. Morgan Stanley as well as mega-RIAs Creative Planning and Corient were reportedly among the firms being considered by the SpaceX group.
Choreo is majority owned by Chicago-based private equity firm Parthenon Capital, which bought the wealth management arm of CPA firm RSM US in 2022, and renamed the RIA business as Choreo. Former Edelman Financial Engines executive Jason Van de Loo became Choreo’s CEO in July 2025, while fellow Edelman alum Erik Merkau joined as chief wealth advisory officer this year. In January, Choreo announced the acquisitions of two Pennsylvania-based RIAs.
Elon Musk’s SpaceX is set to go public on the Nasdaq on Friday, with reports expecting the company to be valued around $1.75 trillion. Employees of Anthropic, which recently filed confidential plans to go public, are also in discussions with advisory firms about a potential collective wealth management option, according to CNBC.
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