Elon Musk owns around 48.4% stake in SpaceX, according to the latest SEC filing. However, his fully vested ownership is lower.

More than 1.3 billion of those shares are restricted and tied to extraordinary performance goals, including:

• Growing SpaceX’s value through multiple targets, reaching as high as $7.5 trillion

• Establishing a permanent human settlement on Mars with at least 1 million people

• Building data centers beyond Earth capable of delivering 100 terawatts of compute per year

• Remaining at SpaceX until its board confirms that the goals have been achieved

In simple terms,@elonmuskhas not yet fully earned all the shares included in the reported 48.4% stake. A large part of his reward depends on SpaceX creating trillions of dollars in value and helping make humanity multiplanetary.