Taser and body-cam king Rick Smith is trying to sell Wall Street his AI vision for the future of policing. The Axon CEO is on his way to a big payday.

Axon CEO Rick Smith topped the list of highest-paid CEOs in 2024, with a compensation package totaling $165 million. This substantial pay increase represents a 999% jump from his 2023 compensation, largely due to a compensation revamp last year that modeled his pay after Elon Musk's package at Tesla, with most of his earnings in stock awards. Axon's revenue has grown over 30% for three consecutive years by 2024, achieving a record annual net income of $377 million, and its shares more than doubled in 2023, skyrocketing by over 50%. These factors, combined with his pay package, led to Smith joining the Bloomberg Billionaires index in 2024 with a net worth of $2.5 billion. An Axon spokesperson clarified that the $165 million package represents potential value contingent on achieving all performance milestones, with two of seven targets already met by March.

Smith has led Axon, a company manufacturing Tasers, security cameras, drones, and VR training systems largely for government agencies, since 1993. He often attributes the company's founding to the tragic shooting deaths of two high school friends, stating this inspired him to create less-lethal alternatives to firearms. However, an investigation by Reuters questioned the veracity of this origin story, suggesting Smith was not close friends with the victims and cited incorrect details about the incident. An Axon spokesperson countered, asserting Smith knew the victims through "team-related social events" and that the company stands by his account that the event inspired his dedication to reducing violence through technology. Family members of the victims have publicly refuted Smith's claims, with one father accusing Axon of using his son's murder for an advertising campaign.

Axon is actively promoting its AI vision for the future of policing, with Smith emphasizing the company's strong position for the "AI moment." The company's Q1 2026 earnings report highlighted a 34% year-over-year revenue increase to $807 million, with AI product revenue growing over 700% and AI Era Plan bookings up 140%. Notably, nearly all large U.S. law enforcement agencies are now incorporating AI into their purchases, signifying a significant shift in customer adoption. The company anticipates full-year 2026 stock-based compensation expenses to be between $590 million and $620 million, which includes allocations for both a broad-based Employee XSP and the CEO Performance Award.