Martin predicted some of this could happen at the microblogging company. "I do think Twitter's going to produce millionaires in the rank-and-file employees," she said.
Renaissance Capital's Smith noted that there are 743 other shareholders outside of the executive suite who are likely holders of restricted stock units. These have a combined value of roughly $1.5 billion if the stock debuts in the middle of its $17 to $20 share price range.
If the number of shares outstanding were distributed equally among these employees, the value of their stock would be about $200,000 each, but Smith said it's likelier that some employees will wind up with a bigger cut of the pie. The company did not respond to a request for comment.
(Read more: Twitter's three founders reunite for IPO road show pitch)
Twitter's S-1 filing with the SEC includes a provision to let employees sell some stock in February to cover taxes they owe from gains this year. Smith said this suggests that the company anticipates that some workers who don't already have a lot of assets accrued will realize big gains from their stock.
An opening-day bounce won't be enough to make these workers rich, though. Their stock is essentially wealth on paper until May, when the 180-day lockup period expires.
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This waiting period could benefit workers, though. Francis Gaskins, president of IPO Desktop, predicted that the stock could be worth more by next spring.
"I think it'll be $40, something like that at least," he said, adding that the small number of shares creates a scarcity premium and that Twitter's business model is gaining steam.