SpaceX has filed to change its incorporation location from Delaware to Texas, following a similar move by Elon Musk‘s other company, Neuralink.
What Happened: SpaceX has submitted paperwork to the Texas Secretary of State to relocate its incorporation site from Delaware to Texas, according to public filings with the Texas Secretary of State.
"SpaceX has moved its state of incorporation from Delaware to Texas!" Musk wrote in a post on X on Wednesday.
"If your company is still incorporated in Delaware, I recommend moving to another state as soon as possible."
SpaceX did not immediately respond to Benzinga's request for comment.
This decision comes in the wake of a Delaware Chancery Court ruling that ordered Tesla Inc. TSLA to revoke Musk’s 2018 pay package, valued at approximately $56 billion in options.
Why It Matters: Musk, who has been vocal about his dissatisfaction with the court’s decision, has been actively moving his businesses out of Delaware. He has also urged other companies to do the same. Musk has pledged that Tesla will hold a shareholder vote to approve the relocation of its incorporation site to Texas.
Despite the impending appeal to the Delaware State Supreme Court regarding his pay package, Musk is already making moves. This move by SpaceX follows a similar decision by Neuralink, another company owned by Musk. Neuralink shifted its incorporation from Delaware to Nevada last week.
Meanwhile, Musk‘s rocket manufacturing company on Monday announced its decision to initiate a controlled descent of approximately 100 Starlink satellites, citing an issue that could potentially lead to future failures.
Elon Musk | Photo courtesy: TED Conference on Flickr
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