# The math behind Silicon Valley's millionaire factory > Source: > Published: 2026-06-20 14:00:01+00:00 New Levels.fyi analyses show how equity grants at frontier tech companies have turned into life-changing sums. A [SpaceX](https://www.businessinsider.com/spacex-ipo-wild-bet-physical-future-ai-orbital-data-centers-2026-5) Software Engineer II offer from August 2022 included a $155,000 salary and a $365,000 equity grant that vested over five years. At [SpaceX's IPO](https://www.businessinsider.com/spacex-ipo-10-largest-public-offerings-ranked-by-proceeds-2026-6) valuation, that grant is estimated to be worth more than $4 million, assuming it was held. At [Anthropic](https://www.businessinsider.com/anthropic-rewriting-startup-pay-levels-2025-9), engineers who joined in 2023 may now be sitting on equity worth tens of millions of dollars after the AI company's valuation surge. [OpenAI](https://www.businessinsider.com/openai-1-million-pay-packages-tech-memo-2025-8) shows a similar pattern, with some 2022 and 2023 equity grants to engineers now valued at over $50 million. These are not guaranteed windfalls: variables such as vesting, dilution, and lockups mean employees may end up with less. And don't forget those [huge tax bills](https://www.businessinsider.com/tech-employees-sell-stock-avoid-capital-gains-tax-spacex-ipos-2026-6). Still, these estimates give a real taste of the wealth that Silicon Valley has created — and [spread among workers](https://www.businessinsider.com/silicon-valley-version-capitalism-works-equity-ipos-tax-2026-6). *Sign up for BI's Tech Memo newsletter *[here](https://www.businessinsider.com/subscription/newsletter/tech-memo)*. Reach out to me via email at *[abarr@businessinsider.com](mailto:abarr@businessinsider.com)*.*