# SpaceX and AI startup wealth fuels demand for private jets > Source: > Published: 2026-07-09 10:04:04+00:00 By Doyinsola Oladipo and Allison Lampert NEW YORK/MONTREAL, July 9 (Reuters) - 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 Cleveland-based attorney attributed the rush to a handful of major "liquidity events" in the tech industry. The IPO of Elon Musk's SpaceX, whose holdings include artificial-intelligence firm xAI, raised a record $85.7 billion for the company and generated unprecedented employee and founder wealth. Next in line for potential big IPOs are AI companies Anthropic and OpenAI. Venture capitalists, board directors and early employees of SpaceX and other AI companies, along with bankers shepherding anticipated IPOs, are channeling fresh wealth into private aviation, turning it into an early beneficiary of the AI boom. Reuters reported last month that luxury travel companies are increasingly targeting tech entrepreneurs, reflecting expectations that the sector will spawn a new cohort of billionaires. "I think there are many more people who can afford to travel privately, and that number seems to grow daily," Applegate said. So far this year, business at her company, Soar Aviation Law, which handles aircraft purchases and agreements, has jumped 25%. For many, private aviation starts with a membership or shared-ownership program before progressing to aircraft ownership. Data from aviation intelligence firm Jetnet shows that flights through shared-ownership programs rose 11.8% globally in the first five months of 2026, compared with the same period in 2025. Flights operated by private jet owners climbed 13.4%, underscoring broad demand as frustrations with commercial travel mount. In North America, the industry's largest market, the increase suggests both established owners taking to the skies more often and newly wealthy buyers making the leap into aircraft ownership. THE MONEY IS COMING The spending spree reflects a familiar pattern. Historically, major wealth-creation events — stock market booms, IPOs, mergers — have translated into higher demand for private aviation. Business jet deliveries rose 24% during the dotcom boom, according to Jetnet. This time, the frenzy coincides with excitement around SpaceX, whose market valuation is about $2 trillion, and expectations that OpenAI and Anthropic could eventually follow with massive stock debuts. Private aviation company Flexjet, which offers fractional jet ownership, leasing and memberships that allow customers to prepay for flight hours to fly on demand, has noticed a change. "Self-made first-generation wealth, like those set to benefit from these tech IPOs, is resulting in a Flexjet customer base that is younger," said D.J. Hanlon, executive vice president of sales at Cleveland-based Flexjet.