Blue Origin Stock Options Worthless as SpaceX Creates Wealth

Three former employees of Jeff Bezos' Blue Origin told a publication their stock options are worth nothing. The disclosure comes as SpaceX's huge valuation turns its own staff into millionaires.

SpaceX has built a secondary market. Employees have sold shares in tender offers and private transactions. Blue Origin has no such outlet. The company is wholly owned by Bezos and has not created a path for workers to cash out, the three ex-employees said.

Options issued at higher strike prices have fallen underwater. One former worker described the equity as "a lottery ticket that never got drawn."

SpaceX's valuation has climbed past $200 billion. Blue Origin's has not kept pace. The company's New Glenn rocket program has moved slower than some expected, limiting any market-based uplift.

The gap shows up in hiring and retention. Engineers and senior leaders have left Blue Origin for competitors, the ex-employees said. The company has lost several top executives in recent years.

Blue Origin did not respond to a request for comment on the equity structure or the claims from former staff.

The difference is not just about value. It is about timing and structure. SpaceX lets employees realize gains before an IPO. Blue Origin offers no such liquidity. For people weighing job offers, that spread matters.

One ex-employee put it simply: "You are betting on Bezos to sell or take it public some day. That day may never come."