In early 2024, Elon Musk's SpaceX officially reincorporated in Texas, moving away from Delaware after a court ruling voided his 2018 Tesla stock options grant. This shift was strategic, as Texas law is less favorable to shareholders, requiring a 3% ownership stake to challenge corporate decisions. Musk's control over SpaceX is significant, holding 5.6 billion Class B shares, which grants him 85.1% of the voting power prior to the company's IPO. The company has ambitious goals, including establishing a permanent human colony on Mars and building data centers, but these milestones are deemed 'improbable' by SpaceX itself. Musk's compensation structure is tied to achieving these goals, with substantial stock awards contingent on meeting market capitalization milestones. The dual-class share structure has raised concerns about governance and investor protections, as new investors will not have the same rights as those in more regulated markets like Nasdaq. The implications of Musk's control and the performance-based nature of his compensation are significant, as they could influence the company's direction and investor confidence in the upcoming IPO.