SpaceX Chief Executive Officer Elon Musk can boost his overall compensation if the company succeeds in building colonies on Mars and data centres in space, according to a U.S. Securities and Exchange Commission filing on Wednesday.
Compensation Plan Details
In January, the board granted Musk one billion performance-based restricted Class B shares split into 15 equal tranches. To get the full award, the company will need to have achieved a market capitalization of US$7.5 trillion and established a permanent human colony on Mars with at least one million inhabitants.
Musk owns 85.1 per cent of the voting power ahead of a record initial public offering planned for next month. That reflects a highly concentrated governance structure and his ironclad control over SpaceX and its broader AI, satellite and launch strategy.
Additional Performance Milestones
In November, he was also granted 302.1 million performance-based restricted Class B shares that vest over 12 equal tranches. Those will be awarded if the company’s market capitalization exceeds US$6.565 trillion and SpaceX completes non-Earth-based data centres capable of delivering 100 terawatts of compute per year.
Musk boosted his stake in SpaceX last year, buying US$1.4 billion worth of stock from current and former employees.
