SpaceX and AI startup wealth fuels demand for private jets
Newly minted rich and those anticipating huge IPOs are fueling buying and charter spree in the private jet sector
Aviation lawyer Amanda Applegate skipped her annual vacation last month as a surge of wealth from AI startups and SpaceX sent a wave of tech investors shopping for private jets, burying her in paperwork for aircraft-purchase agreements.
The attorney, based in Cleveland, Ohio, attributed the rush to a handful of major “liquidity events” in the tech industry. The initial public offering (IPO) of Elon Musk’s SpaceX, whose holdings include artificial-intelligence firm xAI, raised a record $85.7bn for the company and generated unprecedented employee and founder wealth.
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