SpaceX has applied to move its incorporation site from Delaware to Texas

16.02.2024

 

SpaceX has recently submitted requests to relocate its incorporation from Delaware to Texas, as revealed in public filings with the Texas Secretary of State. This strategic shift mirrors Elon Musk’s response to a Delaware Chancery Court ruling mandating Tesla to revoke the CEO’s 2018 pay package, valued at approximately $56 billion in options. In tandem, Musk’s other venture, Neuralink, is also in the process of transitioning its incorporation site from Delaware to Nevada.

Expressing a distinct preference for moving his enterprises out of Delaware following the court’s decision, Musk actively advocates for other businesses to consider similar moves. Additionally, he has committed to conducting a shareholder vote at Tesla to secure approval for relocating the company’s incorporation to Texas.

In a post on the platform X, Musk enthusiastically declared, ‘SpaceX has shifted its state of incorporation from Delaware to Texas! If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible.’

Anticipating a legal appeal to the Delaware State Supreme Court regarding his pay package, Musk faces the potential loss of options, though existing shares remain unaffected. Notably, prior to the court ruling, Musk had already initiated the process of exiting Delaware. This was exemplified by his leadership in the $44 billion Twitter buyout in 2022, renaming it X and relocating its incorporation to Nevada.

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