SpaceX's path to a public listing includes one of the most unusual executive pay structures ever submitted to US regulators: Elon Musk stands to receive 200 million super-voting shares worth an estimated $120 billion at current private market prices of $600 to $650 per share, but only if he delivers outcomes that have never been achieved in human history.

The milestones for compensation that are listed by the SEC state three overlapping objectives. Firstly, Elon Musk has to ensure SpaceX achieves an equity value of over $7.5 trillion, which is greater than the largest company that has ever existed.

Secondly, he needs to oversee the creation of vast orbital computing and energy systems that can produce up to 100 terawatts of space-based energy production; that is 83 times higher than America’s total electrical power generation capacity. Thirdly, he needs to build a sustainable colony on Mars consisting of at least a million people.

These are all interdependent conditions. These shares will become effective only in the case that all three are fulfilled, turning into both a message and a financial tool.

SpaceX plans for its initial public offering to be valued at around $1.7 trillion. This is already much higher than what is estimated by most analysts based on the company's current operations.

Estimating the revenues for the coming year at $15.5 billion, many analysts see the true value of SpaceX at closer to $400 billion. The rest over $1.3 trillion is accounted for by future developments, primarily those related to artificial intelligence.

The SpaceX unit devoted to AI saw net losses totalling $9.5 billion for the first nine months of 2025 against just $210 million in revenues.