SpaceX’s board has approved a sweeping compensation plan for Elon Musk that ties his future awards to some of the company’s most ambitious goals, including a permanent human colony on Mars and data centers operating in space, Reuters reported Tuesday.
The plan, disclosed in a confidential SEC registration statement reviewed by Reuters, would award Musk 200 million super voting restricted shares if SpaceX reaches a $7.5 trillion valuation and establishes a permanent Mars colony with at least 1 million people.
The Class B shares carry 10 votes for every Class A share, giving the package both economic and governance significance as SpaceX prepares for a potential public listing.
Musk could receive an additional 60.4 million restricted shares if SpaceX meets separate valuation milestones and operates space based data centers with at least 100 terawatts of compute capacity. Reuters described that target as equivalent to 100,000 gigawatts, or about 100,000 one gigawatt nuclear reactors running at once.
The awards would vest in tranches as SpaceX’s valuation rises, but Musk would receive no shares if the company fails to meet the targets. The package has no fixed deadline beyond Musk remaining employed at SpaceX, where he has received a nominal annual salary of $54,080 since 2019, according to the filing details reviewed by Reuters.
The compensation plan comes as SpaceX is preparing for what could become the largest IPO in history. Reuters previously reported that the company is targeting a public listing around Musk’s June 28 birthday at a potential valuation of about $1.75 trillion.
The structure also reinforces Musk’s control over the company. Reuters reported last week that SpaceX plans to maintain controlled company status after going public, with Musk and insiders holding super voting shares that would outweigh regular investors.
The plan could create new tension with Tesla shareholders, since Tesla has also approved an ambitious compensation structure designed to keep Musk focused on the automaker. Governance experts cited by Reuters said the SpaceX package stands apart because its milestones go far beyond traditional executive pay metrics such as revenue, earnings, or stock performance.
SpaceX’s IPO pitch is also expanding beyond rockets and Starlink. Reuters reported that the company is presenting artificial intelligence infrastructure as a major part of its future growth story, with Starlink revenue helping fund larger AI ambitions.