Overview
- SpaceX’s confidential SEC registration, reviewed by Reuters on Tuesday, details a pay plan that grants Elon Musk 200 million super‑voting shares only if the company reaches a $7.5 trillion valuation and establishes a permanent Mars colony of at least one million people.
- A second award of up to 60.4 million shares depends on SpaceX operating space‑based data centers that deliver at least 100 terawatts of compute, a load roughly equal to 100,000 one‑gigawatt nuclear reactors.
- Both awards are issued as Class B stock with 10 votes per Class A share and vest in steps as valuation rises, with no deadline beyond Musk remaining employed and no payout if targets are missed.
- SpaceX is targeting a late‑June IPO near June 28 at roughly $1.75 trillion, according to Reuters, positioning the listing as it pitches investors on AI and orbital compute alongside rockets and Starlink.
- Corporate governance experts describe the package as unprecedented and warn it could heighten tensions with Tesla shareholders over Musk’s time, while Musk’s own comments and NASA timelines suggest a million‑person Mars settlement is far beyond the near term.