SpaceX sets Mars vision with 1 million population target for Musk incentives

SpaceX Chief Executive Officer Elon Musk can boost his overall compensation if the company succeeds in building colonies on Mars and data centers in space, according to a US Securities and Exchange Commission filing on Wednesday.

In January, the board granted Musk 1 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 $7.5 trillion and established a permanent human colony on Mars with at least 1 million inhabitants.

Musk owns 85.1% 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.

Musk boosted his stake in SpaceX last year, buying $1.4 billion worth of stock from current and former employees.

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 $6.565 trillion and SpaceX completes non-Earth-based data centers capable of delivering 100 terawatts of compute per year.