Cape Canaveral, Florida – SpaceX, the aerospace company led by Elon Musk, has filed to change its incorporation location from Delaware to Texas. This move comes after a Delaware Chancery Court ruling ordered Tesla, another company led by Musk, to rescind the CEO’s 2018 pay package, valued at about $56 billion in options. Additionally, Neuralink, another one of Musk’s companies, has also begun the process of moving its location of incorporation from Delaware to Nevada.
The decision to move the incorporation location is part of Musk’s strong preference for relocating his businesses out of Delaware following the court’s ruling. He has voiced this preference and has encouraged other businesses to do the same, even promising that Tesla will hold a shareholder vote to gain approval to move its incorporation site to Texas. SpaceX has already made the move, as Musk announced on his social media platform, X, that the company has shifted its state of incorporation from Delaware to Texas.
It’s anticipated that Musk will file for an appeal to the Delaware State Supreme Court regarding his pay package. This follows his previous moves to exit Delaware, such as leading the $44 billion buyout of Twitter in 2022 and changing its name to X, as well as relocating its incorporation site to Nevada.
As of now, SpaceX and Musk have not provided any official comments regarding the incorporation location change.
This shift in incorporation location underscores Musk’s proactive approach in response to the court’s ruling, as he continues to navigate the legal and operational landscape of his various companies. The relocation to Texas signifies a strategic move for SpaceX as it seeks to align its corporate structure with its operational and strategic priorities in the space industry.