Tesla has proposed a new compensation deal for CEO Elon Musk that could be worth as much as $1 trillion, an unprecedented package in corporate America.

The agreement, outlined in a proxy filing on Friday, is structured around a set of steep performance goals Musk must achieve over the next decade. Chief among them: expanding Tesla’s newly launched robotaxi business and raising the company’s market value from roughly $1 trillion today to at least $8.5 trillion. That would make Tesla more valuable than Nvidia, Apple, and Microsoft combined at current levels.

If Musk hits all the milestones, the restricted stock awards would increase his stake in Tesla to around 25%, strengthening his control over the company. Musk has long argued that such a shareholding is necessary for him to keep Tesla’s focus on disruptive bets in robotics and artificial intelligence.

The new proposal comes after Musk’s previous $50 billion pay package from 2018 was struck down by a Delaware court earlier this year. While Tesla appeals that ruling, the board has moved to reassure its high-profile CEO, already the world’s richest man, with interim stock awards valued at around $30 billion and now this sweeping new plan.

Tesla’s board said in its filing that “retaining and incentivizing Elon is fundamental to Tesla achieving these goals and becoming the most valuable company in history.” To secure the final two tranches of the award, Musk would also have to participate in designing a framework for long-term CEO succession — a move that suggests the company is quietly thinking beyond Musk’s eventual tenure.

The announcement comes at a delicate moment. Tesla shares are down 16% this year after a turbulent start marked by falling deliveries, backlash over Musk’s political ties, and arson attacks at charging stations. Still, the company has regained some momentum in recent months, with the June rollout of its long-promised driverless taxi service in Austin.

Musk, who also runs SpaceX, Neuralink, the Boring Company and xAI, has hinted he could take AI and robotics ventures outside Tesla if he is not granted sufficient voting control. Friday’s package is designed to keep his focus on the electric-car maker, even as his other ventures and political activities continue to compete for his time.

Tesla’s stock rose 2% in pre-market trading following the announcement.