1 billion performance shares, Elon Musk's incentive plan has completely tied himself and the company together—either fly together or sink together.

SpaceX states in S-1 that shares will be unlocked in phases before the 180-day lock-up period expires, with the unlocking stages linked to profitability, stock price, and timing milestones. On 2026-01-13, the board approved the grant of 1 billion performance-based Class B common restricted shares to Musk. Today, the IPO application was officially submitted, with Musk retaining 85.1% of voting rights.