SpaceX plans $100 million expansion to Texas office
AUSTIN, Texas – Tesla CEO Elon Musk is expanding the company’s SpaceX Starbase office in Texas.
Musk already claims Austin as Tesla’s headquarters, and now he’s expanding his SpaceX facility in Brownsville, Texas.
The spacecraft manufacturer is preparing a $100 million five-story office. Construction was scheduled to begin Friday and be completed by 2025, according to Texas Department of Licensing and Regulation records.
The office will be added to the special use industrial factory Starbase, which takes up about 1 million square feet.
Brownsville is currently home to a landing pad, launch facility, launch control center and tracking station. A 40-minute drive away is Boca Chica, Texas, an unincorporated village with a handful of houses along Boca Chica Beach that’s also home to the SpaceX South Texas launch site.
SpaceX also has offices in California and Florida.
In addition to the new office plan in Texas, SpaceX has reincorporated to Texas from Delaware, according to Musk’s announcement on social media platform X.
The switch in incorporation doesn’t actually involve anything moving. Rather, the term “incorporated,” as defined by Carta, means a business has successfully registered with a state and, therefore, becomes a separate legal entity.
SpaceX’s transition to a Texas-based corporation comes weeks after a Delaware judge found Musk’s $33 billion Tesla pay package to be unfair.
“[T]he defendants bore the burden of proving that the compensation plan was fair, and they failed to meet their burden,” wrote Chancellor Kathaleen McCormick, the judge in the case, in the decision posted online by Bloomberg News.
Musk has said this program hinges on his belief that humanity needs to become a multi-planetary, space-faring species sooner rather than later. He believes the Starship will be the vehicle to put humans on Mars.
The average employee compensation at Stellantis in 2023 was $76,193.
The 320-page filing described the company’s approach to executive compensation.
“Our philosophy, approach and delivery of remuneration is strongly linked to the company’s performance and interests of our shareholders. All elements of our compensation structure are market-driven with a significant portion (88.9%) of overall compensation (base salary, short-term incentive and longterm incentive) subject to performance risk for our CEO,” according to the filing, which noted that various awards “are aligned with the long-term success and sustainability of Stellantis as it competes in a dynamic industry undergoing a significant transformation driven by electrification and software technologies.”
In addition to the compensation for Tavares, the filing listed the amounts for other key global leaders as well. Comparable figures for the top Stellantis official in North America, who was Mark Stewart last year, were not included.
Chairman John Elkann had total compensation of $5.2 million (4.8 million euros), including a base salary of $1 million (924,404 euros), long-term incentive of $3.5 million (3.2 million euros) and fringe benefits valued at $740,491 (684,230 euros). Vice Chairman Robert Peugeot had total compensation of $234,764 (216,927 euros), including a base salary of $221,856 (205,000 euros) and fringe benefits valued at $12,908 (11,927 euros). Eight directors had compensation ranging from zero to $310,516 (286,924 euros).
General Motors is expected to release its CEO compensation on April 24. It was not immediately clear when Ford would release its CEO compensation. The Free Press previously reported total compensation in 2022 for the companies at $29 million for GM’s Mary Barra and $21 million for Ford’s Jim Farley.