The leak of SpaceX's confidential IPO prospectus has revealed how Musk deeply ties his personal wealth to the company's fate.
According to a report by The Information on April 21, a draft of SpaceX's confidential IPO prospectus shows that the company has approved a new equity incentive plan: if SpaceX's market capitalization climbs from the current approximately $1.1 trillion to $6.6 trillion, CEO Musk will be granted an additional 60 million shares. Equity vests in tranches for every $500 billion increase in market value.
Meanwhile, the prospectus also disclosed that last year, Musk purchased SpaceX stock from current and former employees for $1.4 billion through his trust, further enhancing his control over the company.
A SpaceX spokesperson did not immediately respond to requests for comment.
<h2>Incentive Structure: Mirroring Tesla, Tied to Space Data Centers</h2>
This incentive scheme mirrors the Tesla compensation plan that once propelled Musk to become the world's richest person—high targets, high rewards, and strong alignment.
According to the prospectus, the vesting conditions for the 60 million shares require not only reaching the market cap target but also SpaceX completing an ambitious plan: building data centers in space to provide computing power to AI developers, with a specific metric of delivering &#34;100 terawatts of computing power annually.&#34;
How exaggerated is this figure? The prospectus admits that this scale &#34;far exceeds the order of magnitude of peak electricity consumption in the United States.&#34; The document also acknowledges that the space data center plan is currently in its &#34;early stages,&#34; facing &#34;significant technical complexities and unproven technologies,&#34; with satellites and rockets operating in a &#34;harsh and unpredictable space environment.&#34;
In other words, this is a highly uncertain long-term bet.
<h2>Another Larger Incentive: Mars Colony</h2>
The 60 million shares are not all of Musk's potential gains at SpaceX.
The prospectus shows that in January this year, SpaceX's board set another target for Musk: if the company reaches a specific share price target and establishes a colony on Mars with at least 1 million residents, he will be granted an additional 200 million shares.
Combined, the two plans result in a very substantial potential equity incentive for Musk.
<h2>Dual-Class Share Structure: Musk's Voting Power Further Concentrated</h2>
The prospectus also reveals that SpaceX will adopt a dual-class share structure, with Musk holding Class B super-voting shares, each carrying 10 votes.
A source familiar with the matter confirmed the above arrangement to The Information. The prospectus explicitly states that this structure &#34;will concentrate voting control in Mr. Musk and other Class B common shareholders.&#34;
Musk's specific shareholding percentage and total voting power have not yet been disclosed.
<h2>IPO Timeline: Listing Mid-June, Target Valuation $1.5 Trillion</h2>
SpaceX is currently accelerating its listing preparations.
According to three sources familiar with the matter, SpaceX executives are this week hosting potential investors and research analysts at facilities in Tennessee and Texas. The company plans to complete its listing by mid-June, with a target valuation of up to $1.5 trillion, aiming to raise $75 billion, which would make it the largest IPO in history.
For reference, SpaceX doubled its valuation to $800 billion through employee stock sales in December last year, and after merging with its AI subsidiary xAI in February this year, the valuation further rose to $1.25 trillion.

Elon Musk's SpaceX plans an IPO, targeting a valuation exceeding $2 trillion, potentially making it one of the world's most valuable companies. With its Starlink global network and industry-leading position in space launches, SpaceX is attracting global investor attention. Can its vision for space exploration and commercial potential support this astronomical valuation? What are your thoughts on SpaceX's future performance?

Elon Musk's SpaceX plans an IPO, targeting a valuation exceeding $2 trillion, potentially making it one of the world's most valuable companies. With its Starlink global network and industry-leading position in space launches, SpaceX is attracting global investor attention. Can its vision for space exploration and commercial potential support this astronomical valuation? What are your thoughts on SpaceX's future performance?

SpaceX Eyes IPO — Is the Space Economy Ready for Liftoff?

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SpaceX's confidential IPO prospectus leaked, revealing a new incentive plan approved by the company: if the market cap rises from $1.1 trillion to $6.6 trillion, Musk will be granted 60 million shares, with vesting conditions tied to space data center computing power targets. Last year, Musk also spent $1.4 billion purchasing SpaceX stock from employees and will maintain super voting rights through a dual-class share structure

- SpaceX's confidential IPO draft reveals how Elon Musk ties his wealth to the company's fate, featuring a new incentive plan that could grant him 60 million shares if the company's value rises from $1.1 trillion to $6.6 trillion.  
- Additionally, the draft shows Musk purchased $1.4 billion in SpaceX stock from employees, enhancing his control amid a challenging plan to build a data center in space.  
- SpaceX aims to complete its IPO by mid-June with an estimated valuation of $1.5 trillion, positioning it for the largest IPO ever, following significant valuation increases over the past year.

Report: If SpaceX Market Cap Reaches $6.6 Trillion, Musk to Receive 60 Million Shares in Incentive Plan