Ft. Lauderdale DDA CEO Jenni Morejon, DaGrosa Capital Partners founder Joe DaGrosa. Naftali Group CEO Miki Naftali speak to Fox News Digital about how SpaceX, OpenAI and Anthropic IPOs could trigger another exodus to Florida.
A fresh wave of Silicon Valley wealth could soon flow into South Florida.
With OpenAI quietly filing for a confidential IPO alongside market debuts from aerospace giant SpaceXand AI rival Anthropic, billions of dollars in overnight liquidity are about to be unlocked for executives. middle management alike. But instead of reinvesting in the Golden State. this incoming class of newly minted tech multimillionaires is already flooding Florida real estate brokers with calls — triggering what experts say could be a rapid-fire "Tech Exodus 2.0" measured in months, not years.
"The California area codes have already started showing up," Fort Lauderdale Downtown Development Authority CEO. President Jenni Morejon told Fox News Digital. "It's just that the conversations are evolving."
"We get that Malcolm Gladwell ‘tipping effect,’ where you almost have to be in Miami because a lot of your friends. family and neighbors are moving here," DaGrosa Capital Partners founder and chair Joe DaGrosa also said. "We saw that happen in New York. I think we're going to see the same thing happen out of California."
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Despite its strong talent pool, "Silicon Valley is absolutely a boring place to live compared to Miami," real estate magnate. Naftali Group CEO Miki Naftali added. "How can you even compare between living in Miami and Silicon Valley?"
Many newly minted tech millionaires will likely use their liquid wealth to leave California for the Sunshine State, according to local real estate, private equity. city leaders.(iStock)
Last week,SpaceX stock continued to surgefollowing its record-setting IPO on the Nasdaq, rising more than 35% since it started trading. That briefly made it the fourth-largest global company by market cap before some of those gains were pared back.
SpaceX's valuation success bleeds into the highly anticipated IPOs of OpenAI. Anthropic, which Reuters reports are both expected to list in late 2026.
Once an IPO hits the public stock market. those paper shares or stock options that employees might own instantly transform into liquid, tradable cash.
Constellation Research founder R 'Ray' Wang discusses SpaceX's post-IPO pullback, Goldman Sachs' $474 billion revenue forecast. the best entry point for investors.
"There is going to be this transitional event with the IPO where executives are finally gonna see probably the biggest cash day most of them have ever seen in their lives. And many of them are not making millions, they're making tens of millions overnight. And I think that's going to have them thinking long. hard about South Florida and Miami in particular," DaGrosa, who has spent nearly three decades in Miami across private equity and real estate, said.
"What we're seeing here is a shock in a positive way to the financial balance sheets of individuals. particularly out in California, where I think they're gonna be moving in a matter of months, not years or decades," he continued.
Nestled between West Palm Beach and Miami, Fort Lauderdale is poised to welcome the tech titans, according to Morejon. The "low-key" culture of Fort Lauderdale. its private neighborhoods could prove to be a refreshing change from the spotlight of California.
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"Having newcomers here with wealth is really a calibration. Fort Lauderdale has always attracted wealth that's active, it's global, it is highly productive. It's just not performative," Morejon said. "The wealth doesn't hide here. It just doesn't feel the need to announce itself. And I really think what we're seeing now with AI founders, with the era of liquidity with SpaceX is a generation that's used to speed. being very public… But many are also reaching a stage where I think they value discretion, it's becoming an asset."
‘Mornings with Maria’ host Maria Bartiromo discusses a wave of IPOs, including SpaceX's 4 times oversubscribed offering. OpenAI's filing, which are putting established tech stocks like Super Micro Computer and Alphabet under pressure.
"Tech jobs have actually grown 20% since 2021,. the increase in wealth, in terms of our downtown population, has also grown at the same rate. Our downtown economy supports over $43 billion annually in economic impact,. that's a disproportionate and overarching share in high-value industries like tech, finance, professional services," she added "So I think you see that this isn't just a lifestyle narrative, it's actually an operating environment for new businesses. And we have the engineering and infrastructure emerging to prove that."
Naftali admits he feels "it's too early to tell" when or where exactly new millionaires. billionaires will make the coast-to-coast move, and says the migration won't solely be coming from California.
"Who is leading those IPOs? Those that are leading the IPOs are really based in New York because those arethe Wall Street guysthat are running the IPOs for the high-tech companies,. they are making huge bonuses," Naftali said.
"There is going to be this transitional event with the IPO where executives are finally gonna see probably the biggest cash day most of them have ever seen in their lives."
"We speak about Silicon Valley, but SpaceX is not in Silicon Valley," the developer also noted. "But the point is, it's all about talent, right? They're all going after the talent… So [that's] what Florida is still lacking. it's gonna take time to attract the talent."
Yet as the talent begins to follow the capital. the ultimate ripple effects will likely extend far beyond luxury beachfront high-rises. The experts argue that a massive wave of public market wealth creates an entirely new class of consumer —. resident — that shifts the cultural fabric of local communities.
"What's interesting, though, is middle management at SpaceX. all these other companies, middle managers have wealth creation that can be $25, $50, $100 million. So what we would historically think of as a middle manager earning a decent living building wealth slowly over time. it's a game-changer," DaGrosa pointed out, noting that as these teams migrate, the housing market periphery will see a massive boom.
As business expenses. the cost of living continue to rise in the Golden State, South Florida reaps the benefits as tech moguls and other wealthy business owners find a financial safe haven in the Sunshine State.
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"I think what we see is actually more opportunity for Floridians to get better jobs. I mean, when a state is doing well. making money… more people are moving into the state and spending money," Naftali said.
"If you're building a company at scale, you need three things: You need access, you need talent. you need a quality of life that sustains performance," Morejon stated of her ultimate elevator pitch to incoming West Coast founders. "And if you need a place to dock the yacht, we can handle that, too."
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