{"id":1026224,"date":"2026-06-14T14:32:22","date_gmt":"2026-06-14T14:32:22","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/1026224\/"},"modified":"2026-06-14T14:32:22","modified_gmt":"2026-06-14T14:32:22","slug":"early-spacex-employee-equity-helped-pay-off-student-loans-buy-home","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/1026224\/","title":{"rendered":"Early SpaceX Employee: Equity Helped Pay Off Student Loans, Buy Home"},"content":{"rendered":"<p>This as-told-to essay is based on a conversation with Josh Giegel, the 41-year-old cofounder of the AI startup Gambit, who lives in Los Angeles. It&#8217;s been edited for length and clarity.<\/p>\n<p>I was in grad school at Stanford, finishing my master&#8217;s and wanting to do a Ph.D.<\/p>\n<p>I had worked <a target=\"_self\" href=\"https:\/\/www.businessinsider.com\/nasa-astronaut-shares-3-times-he-was-turned-down-2026-5\" data-track-click=\"{&quot;element_name&quot;:&quot;body_link&quot;,&quot;event&quot;:&quot;tout_click&quot;,&quot;index&quot;:&quot;bi_value_unassigned&quot;,&quot;product_field&quot;:&quot;bi_value_unassigned&quot;}\" rel=\"nofollow noopener\">at NASA<\/a> the previous summer, and one of the women I worked with was also a Stanford graduate, and was like: &#8220;You&#8217;re going to be so bored at NASA. Why don&#8217;t you check out this small space company in Los Angeles called SpaceX?&#8221;<\/p>\n<p>I applied and interviewed in the two weeks between flight three and flight four of <a target=\"_self\" href=\"https:\/\/www.businessinsider.com\/what-the-first-spacex-falcon-1-launch-was-like-2015-5\" data-track-click=\"{&quot;element_name&quot;:&quot;body_link&quot;,&quot;event&quot;:&quot;tout_click&quot;,&quot;index&quot;:&quot;bi_value_unassigned&quot;,&quot;product_field&quot;:&quot;bi_value_unassigned&quot;}\" rel=\"nofollow noopener\">Falcon 1<\/a>. I interviewed with Elon; he was still interviewing pretty much everyone at the time. I remember going back to my advisor and saying, &#8220;There&#8217;s nothing I&#8217;d rather do on the planet than what he just described.&#8221;<\/p>\n<p>My Master&#8217;s ended at the end of 2008, and I began in 2009.<\/p>\n<p>I was on what&#8217;s called the propulsion analysis team, which was four or five people. Our responsibility was: How do you design the first reusable rocket engine? A very small group of us was responsible for the initial stuff that was <a target=\"_self\" class=\"\" href=\"https:\/\/www.businessinsider.com\/spacex-falcon-9-launches-updates-schedule\" data-track-click=\"{&quot;element_name&quot;:&quot;body_link&quot;,&quot;event&quot;:&quot;tout_click&quot;,&quot;index&quot;:&quot;bi_value_unassigned&quot;,&quot;product_field&quot;:&quot;bi_value_unassigned&quot;}\" rel=\"nofollow noopener\">on Falcon 9<\/a>.<\/p>\n<p>                    <img xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"lazy-image \" encoding=\"UTF-8\" width=\"1\" height=\"1\" data-content-type=\"image\/jpeg\" srcs=\"{&quot;https:\/\/i.insider.com\/6a2c36c150aa6577af872165&quot;:{&quot;contentType&quot;:&quot;image\/jpeg&quot;,&quot;aspectRatioW&quot;:4200,&quot;aspectRatioH&quot;:2863}}\" alt=\"A SpaceX Falcon 9 rocket\"\/><\/p>\n<p>                            A SpaceX Falcon 9 rocket carrying a payload into space.\u00a0<\/p>\n<p>                    Paul Hennesy\/Anadolu via Getty Images<\/p>\n<p>I started there when I was 23, and I left when I was 27. It was a little bit of naive immaturity. I knew I wanted to start a company one day, and SpaceX was growing like crazy. I wanted to be on a founding team. I still love the company; I almost went back two or three years later before I ended up starting a company of my own.<\/p>\n<p><a target=\"_self\" href=\"https:\/\/www.businessinsider.com\/spacex-ipo-spcx-stock-price-stocks-investing-elon-musk-nasdaq-2026-6\" data-track-click=\"{&quot;element_name&quot;:&quot;body_link&quot;,&quot;event&quot;:&quot;tout_click&quot;,&quot;index&quot;:&quot;bi_value_unassigned&quot;,&quot;product_field&quot;:&quot;bi_value_unassigned&quot;}\" rel=\"nofollow noopener\">The IPO<\/a> is pretty cool. I&#8217;m on a bunch of text threads with guys who were there around the same time, and a couple of them are still there. It&#8217;s cool to see just how big it became.<\/p>\n<p>When I got there, and they gave the offer, there was an equity component. I remember the HR woman who was going over it with me saying, &#8220;We think some day, in 10 or 15 years, this might be worth $250,000-300,000.&#8221; I distinctly remember her saying, &#8220;It might get you a nice down payment on a house in Los Angeles.&#8221;<\/p>\n<p>We all laugh about it now. But, at the time, the saying was: the fastest way to become a millionaire in space is to start as a billionaire.<\/p>\n<p>Buybacks have been really regular for the last 10 years. Every now and then, we&#8217;d take a little bit out. For example, we paid off my wife&#8217;s <a target=\"_self\" class=\"\" href=\"https:\/\/www.businessinsider.com\/save-plan-student-loan-borrowers-most-expensive-repayment-trump-changes-2026-6\" data-track-click=\"{&quot;element_name&quot;:&quot;body_link&quot;,&quot;event&quot;:&quot;tout_click&quot;,&quot;index&quot;:&quot;bi_value_unassigned&quot;,&quot;product_field&quot;:&quot;bi_value_unassigned&quot;}\" rel=\"nofollow noopener\">student loans<\/a> a number of years ago. We put down a down payment on a house.<\/p>\n<p>I joke: We did actually get a down payment on a house! She wasn&#8217;t lying when she said that. It&#8217;s a house that, on our normal salaries at startups, we wouldn&#8217;t have been able to afford without that additional windfall.<\/p>\n<p>We also love traveling. We&#8217;ve got a seven-year-old and a one-year-old. We&#8217;re going to go on slightly more adventurous trips because of it.<\/p>\n<p>My wife is also thinking of doing a larger career change that would come with a decent <a target=\"_self\" class=\"\" href=\"https:\/\/www.businessinsider.com\/employees-taking-pay-cuts-huge-numbers-2026-3\" data-track-click=\"{&quot;element_name&quot;:&quot;body_link&quot;,&quot;event&quot;:&quot;tout_click&quot;,&quot;index&quot;:&quot;bi_value_unassigned&quot;,&quot;product_field&quot;:&quot;bi_value_unassigned&quot;}\" rel=\"nofollow noopener\">salary reduction<\/a>, which she probably wouldn&#8217;t have been able to do without something like SpaceX.<\/p>\n<p>Professionally, I&#8217;ve always been risky. If the majority of your net worth is tied up in a rocket company, you must be a risk-tolerant individual.<\/p>\n<p>Gambit is a VC-backed company. We&#8217;ve raised about $15 million to date, and there are a couple more investment rounds that are coming. The IPO puts you in a position where folks with a substantial amount of equity could be interested in becoming investors.<\/p>\n<p>At least ten of the people I worked with intimately have started their own company. There was a band that I played in with five SpaceX people; four of us started our own companies. I played guitar.<\/p>\n<p>That whole ecosystem can fund its own endeavors and each other. The quantum of capital that they can put in is not like your typical <a target=\"_self\" href=\"https:\/\/www.businessinsider.com\/how-to-raise-friends-and-family-seed-funding-startup-script-2020-9\" data-track-click=\"{&quot;element_name&quot;:&quot;body_link&quot;,&quot;event&quot;:&quot;tout_click&quot;,&quot;index&quot;:&quot;bi_value_unassigned&quot;,&quot;product_field&quot;:&quot;bi_value_unassigned&quot;}\" rel=\"nofollow noopener\">family and friends round<\/a>. That&#8217;s typically $20,000, $50,000, maybe $100,000. Here, that could be on the order of $1 million, maybe $2 million per check.<\/p>\n<p>You also become a bit of a mercenary, asking, &#8220;I don&#8217;t need a paycheck from what I&#8217;m going to go do, so what am I going to go do?&#8221; It&#8217;s liberating.<\/p>\n<p>The equity also allows me to take a lower salary at my startup, so that I can go out and hire more people to make my company more successful.<\/p>\n","protected":false},"excerpt":{"rendered":"This as-told-to essay is based on a conversation with Josh Giegel, the 41-year-old cofounder of the AI startup&hellip;\n","protected":false},"author":2,"featured_media":1026225,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[51,1322,283494,5427,12967,3714,127953,556,874,283493,457,1603,5738,3114,16,15,37859,3118],"class_list":["post-1026224","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-company","tag-early-spacex-employee","tag-equity","tag-flight","tag-house","tag-little-bit","tag-los-angeles","tag-nasa","tag-nice-down-payment","tag-people","tag-spacex","tag-stanford","tag-time","tag-uk","tag-united-kingdom","tag-wife","tag-year"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116748953804077578","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1026224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1026224"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1026224\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/1026225"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1026224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1026224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1026224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}