SpaceX is seeking to convert the location of its business incorporation to Texas, according to a filing with the Texas Secretary of State’s office, becoming the latest Elon Musk-led company to ditch Delaware.
The filing on Wednesday came after Musk’s almost US$56 billion pay package at Tesla Inc was voided by a Delaware judge last month. Immediately after the ruling, the billionaire said he would summon Tesla shareholders to vote on moving the automaker’s incorporation to Texas. He has not yet made such a request.
In a social media post, Musk said: “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.”
Photo: Reuters
It is not the first Delaware exit for Musk since the pay decision. One of the six companies he controls, Neuralink Corp, was reincorporated in Nevada on Thursday last week. Moving Tesla out of Delaware would take more steps because it is publicly traded, unlike SpaceX and Neuralink.
SpaceX already has a massive footprint in Texas. The company operates an engine development and testing facility in McGregor, a small town near Waco, and it has established a Starlink satellite manufacturing facility outside of Austin.
The company also constructed a massive rocket production facility called Starbase near Brownsville, where it builds and launches its next-generation behemoth rocket called Starship.
Musk moved Tesla’s headquarters to Austin in 2021 from California, after criticizing the state’s COVID-19 restrictions.
Moving SpaceX’s incorporation would be a huge boon for Texas leaders, who have sought to lure companies by touting the state’s low taxes and light regulatory touch. SpaceX, which holds massive launch contracts with both NASA and the US Department of Defense, is valued at almost US$180 billion — the second-highest of any private company in the world.
Musk and the Tesla investor who successfully challenged his pay package earlier on Wednesday said that they were discussing asking Chancery Court Chief Judge Kathaleen McCormick to put her decision on hold.
That case marked the second legal setback Musk suffered in Delaware. Musk in 2022 abandoned his court fight to back out of his US$44 billion offer to buy Twitter Inc after a series of tough rulings, also by McCormick.
Musk renamed the company X and shifted its incorporation from Delaware to Nevada.
SEE PRIVATE ON PAGE 5
Nvidia Corp’s demand for advanced packaging from Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remains strong though the kind of technology it needs is changing, Nvidia CEO Jensen Huang (黃仁勳) said yesterday, after he was asked whether the company was cutting orders. Nvidia’s most advanced artificial intelligence (AI) chip, Blackwell, consists of multiple chips glued together using a complex chip-on-wafer-on-substrate (CoWoS) advanced packaging technology offered by TSMC, Nvidia’s main contract chipmaker. “As we move into Blackwell, we will use largely CoWoS-L. Of course, we’re still manufacturing Hopper, and Hopper will use CowoS-S. We will also transition the CoWoS-S capacity to CoWos-L,” Huang said
Nvidia Corp CEO Jensen Huang (黃仁勳) is expected to miss the inauguration of US president-elect Donald Trump on Monday, bucking a trend among high-profile US technology leaders. Huang is visiting East Asia this week, as he typically does around the time of the Lunar New Year, a person familiar with the situation said. He has never previously attended a US presidential inauguration, said the person, who asked not to be identified, because the plans have not been announced. That makes Nvidia an exception among the most valuable technology companies, most of which are sending cofounders or CEOs to the event. That includes
INDUSTRY LEADER: TSMC aims to continue outperforming the industry’s growth and makes 2025 another strong growth year, chairman and CEO C.C. Wei says Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), a major chip supplier to Nvidia Corp and Apple Inc, yesterday said it aims to grow revenue by about 25 percent this year, driven by robust demand for artificial intelligence (AI) chips. That means TSMC would continue to outpace the foundry industry’s 10 percent annual growth this year based on the chipmaker’s estimate. The chipmaker expects revenue from AI-related chips to double this year, extending a three-fold increase last year. The growth would quicken over the next five years at a compound annual growth rate of 45 percent, fueled by strong demand for the high-performance computing
TARIFF TRADE-OFF: Machinery exports to China dropped after Beijing ended its tariff reductions in June, while potential new tariffs fueled ‘front-loaded’ orders to the US The nation’s machinery exports to the US amounted to US$7.19 billion last year, surpassing the US$6.86 billion to China to become the largest export destination for the local machinery industry, the Taiwan Association of Machinery Industry (TAMI, 台灣機械公會) said in a report on Jan. 10. It came as some manufacturers brought forward or “front-loaded” US-bound shipments as required by customers ahead of potential tariffs imposed by the new US administration, the association said. During his campaign, US president-elect Donald Trump threatened tariffs of as high as 60 percent on Chinese goods and 10 percent to 20 percent on imports from other countries.
RSS