SpaceX CEO Elon Musk expanded his ownership in the rocket company during the past year by acquiring $1.4 billion worth of shares from existing and former workers, according to a Tuesday report from The Information.
The transaction involved secondary stock purchases made through Musk’s trust and was revealed in a preliminary version of SpaceX’s private IPO filing documents, the publication stated.
Additionally, SpaceX leadership last month greenlit a compensation package that could grant the tech billionaire an extra 60 million shares, contingent on the company achieving dramatic growth milestones. The plan requires SpaceX to expand its market value from the current $1.1 trillion to potentially $6.6 trillion while successfully executing an ambitious project to construct orbital data centers for artificial intelligence computing services, The Information reported.
Under the proposed structure, these additional shares would become available to Musk as the company reaches successive $500 billion increases in market capitalization, according to the report.
Reuters was unable to independently confirm these details immediately.
SpaceX representatives did not provide an immediate response when contacted for comment.
The aerospace manufacturer, which submitted confidential paperwork for a U.S. public offering in March, reportedly earned approximately $8 billion in profits during the previous year from total revenues ranging between $15 billion and $16 billion, Reuters disclosed in January.
For its upcoming public debut, SpaceX intends to implement a two-tier voting system where Class B stockholders receive ten votes per share, Reuters reported Tuesday. This arrangement would consolidate control among Musk and select company insiders, while publicly traded Class A shares would carry standard single-vote rights.
