Botha brings two decades of experience at Sequoia Capital to the aerospace firm, alongside a financial background rooted in his tenure as chief financial officer at PayPal. His role as an independent common stock director arrives during a period of intense growth for the company, which saw its market capitalization climb to $2.66 trillion by the close of trading on Wednesday.

Under the current corporate structure, SpaceX non-employee directors serve without cash or equity compensation. Botha will enter into a standard indemnification agreement with the firm, formalizing his oversight duties as the company navigates the public markets following its June 12 entry.