SpaceX incorporation takes off to Texas

SpaceX, the rocket company, has moved its state of incorporation from Delaware to Texas, Reuters reported on Thursday citing CEO Elon Musk. He also recommended that other companies still incorporated in Delaware should consider moving to another state.

This move follows Musk’s earlier announcement that Tesla, the electric vehicle maker, will hold a shareholder vote to move its state of incorporation to Texas, where its headquarters are located.

After a Delaware judge invalidated Musk’s $56-billion pay package, Musk conducted a poll on X social media platform. 87 per cent of respondents voted in favour of Tesla’s change of the state of incorporation.

As a result, Musk announced that Tesla will proceed with the shareholder vote to transfer its state of incorporation to Texas. In addition to SpaceX and Tesla, Musk’s brain-chip implant company, Neuralink, also changed its state of incorporation from Delaware to Nevada last week.

SpaceX has moved 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. pic.twitter.com/B7FLByL2dY

— Elon Musk (@elonmusk) February 15, 2024