Data updated
07
Musk's pay plan tracker
A trillion-dollar scoreboard.
The 2025 CEO Performance Award: 12 tranches, each unlocked by a market-cap milestone plus operational milestones. Here's how far Tesla is from each one.
Musk's pay plan tracker
Tranches earned0 / 12per Tesla's Apr 2026 10-K/A
Maximum award423.7mshares · 12 × 35.3m · ~12% of Tesla
Market cap today$1.43tnneeds +40% for tranche 1
Voting power if all earned24.9%from 13.6% today
Clock runs toSep 2035approved 6 Nov 2025 (>75% in favour)
The market-cap ladder
$2.0tnT1
$2.5tnT2
$3.0tnT3
$3.5tnT4
$4.0tnT5
$4.5tnT6
$5.0tnT7
$5.5tnT8
$6.0tnT9
$6.5tnT10
$7.5tnT11
$8.5tnT12
$1.43tntoday
Tranche 1 needs $2.0tn on both a trailing 6-month and 30-day average. Today's cap is $1.43tn (15 Oct 2026 close). The 6-month average is roughly $1.50tn, and the peak month-end was ~$1.80tn in Oct 2025. The top rung, $8.5tn, is 5.9x today: about $1,945 a share once the award shares are issued.
Operational milestones
Milestone
20m vehicles delivered
48%9.7m of 20m
~9.7m to end-Q2 2026; passed 10m during Q3 (reported) ↗
Counts as: Cumulative since Tesla's first delivery
Milestone
10m active FSD subscriptions
15%1.48m of 10m
1.48m paid FSD users (Q2 2026), up 56% YoY ↗
Counts as: 3-month average of daily active subscriptions
Milestone
1m bots delivered
0%0 of 1m
None delivered to customers yet; external sales 'as early as 2H 2027' ↗
Counts as: Cumulative from the grant date
Milestone
1m Robotaxis in commercial operation
<1%769 of 1m
769 registered in Texas on 15 Oct (420 Model Y + 349 Cybercab), up from 739. Tesla said 300+ Cybercabs were serving Austin on 10 Oct; that is not a fleet total ↗
Counts as: 3-month average of daily vehicles in commercial service
The other 8 milestones: Adjusted EBITDA
Four-quarter Adjusted EBITDA, US$bn
$50bn
$80bn
$130bn
$210bn
$300bn
$400bn ×3
FY2025: $14.6bn
Adjusted EBITDA was $14.6bn in FY2025. The three $400bn milestones need three separate, non-overlapping four-quarter periods. The first target, $50bn, is 3.4x FY2025. ↗
The 12 tranches
🔒TRANCHE 1$2.0tn+ any 1 op. milestone
🔒TRANCHE 2$2.5tn+ any 2 op. milestones
🔒TRANCHE 3$3.0tn+ any 3 op. milestones
🔒TRANCHE 4$3.5tn+ any 4 op. milestones
🔒TRANCHE 5$4.0tn+ any 5 op. milestones
🔒TRANCHE 6$4.5tn+ any 6 op. milestones
🔒TRANCHE 7$5.0tn+ any 7 op. milestones
🔒TRANCHE 8$5.5tn+ any 8 op. milestones
🔒TRANCHE 9$6.0tn+ any 9 op. milestones
🔒TRANCHE 10$6.5tn+ any 10 op. milestones
🔒TRANCHE 11$7.5tn+ any 11 op. milestones
🔒TRANCHE 12$8.5tn+ all 12 op. milestones
How it works
- Each tranche needs its market-cap milestone plus one more operational milestone than the tranche before: tranche 1 needs any 1, tranche 12 needs all 12.
- Market-cap milestones must be hit in order, on both a trailing 6-month and 30-day average. Operational milestones can come in any order.
- No partial credit. Each operational milestone can only unlock one tranche.
- Shares earned in the first five years vest at 7.5 years; later ones vest at 10 years. Musk must still be CEO (or an approved equivalent role).
- The award also needs a CEO succession framework in place. A 'covered event' clause can deem the FSD, Robotaxi or Bot goals met if an outside event blocks them.
Timeline
Sep 2025Board approves the 2025 CEO Performance Award
6 Nov 2025Shareholders approve it with more than 75% support
Dec 2025Delaware Supreme Court reinstates the separate 2018 award ($1 nominal damages)
30 Apr 202610-K/A: no tranche achieved
Sep 2035Performance period ends; unearned tranches are forfeited
Preliminary fair value at grant: $87.75bn (Tesla 8-K).
Read before you quote
- Terms are from Tesla's 8-K exhibits and 2025 proxy statement. Tesla's board, not this page, certifies achievement.
- Progress figures are the latest public data points and aren't measured on the award's exact basis (e.g. 3-month averages).
- The 6-month average market cap is approximated from month-end closes and today's share count.
- The 2018 award, reinstated in Dec 2025, runs separately and isn't tracked here.