This summer’s hottest IPOs are minting a new class of ultra-high-net-worth ‘IPO Bros’—and family offices are changing how they approach them

With SpaceX trading around $2 trillion, Anthropic raising at a $965 billion post-money valuation, and OpenAI is expected to follow, we’re in for a hot IPO summer.

Add in a steady stream of smaller offerings—from Jersey Mike’s to Bending Spoons—and wealth advisors are bracing for a fairly compressed window in which employees who joined these companies on modest salaries are about to become extremely, suddenly rich. While Fortune is looking to coin “IPO Bros” for this special class of soon-to-be-filthy-rich cohort, they also present a category of client that family offices haven’t dealt with at this scale before.

“I don’t know what are we calling them, like I feel like we need like a term for them,” Catherine Fankhauser, a partner and practice leader for family enterprise and family office advisory services at EY, told Fortune before the conversation landed, half-jokingly, on “IPO bros.” She said regardless of the name, “you don’t take a course in college that tells you how to be an ultra-high net worth individual”—so these newly wealthy employees need to get their finances in order fast.

Whatever the label ends up landing, both Fankhauser and Peter Epstein, a managing director at Allocate—a firm that helps registered investment advisors and wealth management firms access private-market investment opportunities—described this group as rather distinct from the ultra-wealthy client family offices already know. Now, as a hot IPO summer enters full swing, we’re posing a question for family offices and these new UHNWI alike: What to do with all this new wealth?

“I think it’s much broader than that, in terms of this really........

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