Elon Musk converted 304 million stock options at $23.34 each, netting 286.5 million shares after withholding 17.5 million to cover the $7.1 billion exercise cost, raising his stake to 19.9%. SpaceX raised $75 billion and will direct spending toward AI infrastructure, boosting demand for SMR units from NuScale and Oklo.
Elon Musk converted 304 million performance-based options priced at $23.34 each, resulting in ownership of 304 million new shares. Tesla withheld 17.5 million shares, valued at the current market price, to cover the $7.1 billion exercise cost, leaving Musk with a net addition of 286.5 million shares.
The newly issued shares remain restricted and will only fully vest on January 19, 2028, provided Musk continues serving as CEO or in a comparable leadership role at Tesla. Failure to meet this condition would forfeit the unvested portion of the award.
SpaceX’s IPO generated $75 billion in fresh capital earmarked for AI infrastructure rather than traditional space operations. Management plans to deploy funds toward data center expansion and advanced computing capabilities to address its $26.5 trillion AI addressable market.
The planned AI data centers will require massive continuous power, positioning small modular reactor companies like NuScale Power and Oklo to capture new contracts. Traditional grid sources cannot meet the anticipated demand, creating a clear growth pathway for nuclear energy developers.
