Musk confirms Tesla and SpaceX form special committees to explore merger valuing over $3.5T

量子位 · wechat · 2026-10-21

On SpaceX's Q3 earnings call, Elon Musk confirmed that both Tesla and SpaceX have formed special committees of independent directors—at shareholders' request—to formally explore a potential merger. Musk, CEO of both companies, is barred from the negotiations and joked about watching the "kabuki theater" from outside, but said he thinks a merger is a good idea.

Key points:

Combined enterprise value could exceed $3.5T (SpaceX $2T, Tesla $1.5T). No terms agreed and no guarantee of a deal; Musk cautioned it's "too early" to assume it will happen.
The Tesla side is the real hurdle: a merger needs support from at least 50% of all shares. Musk holds 82% voting power at SpaceX via dual-class shares, so approval there is nearly assured.
Strategic rationale: tighter integration of superintelligence software, chip design, the joint Terafab fab plan, and Optimus robots.
SpaceX Q3: revenue $14.58B (+161% YoY), net profit $4.4B; the SuperIntelligence unit booked $7.56B (+830% YoY), now larger than any other segment. Capex hit $19.59B, $16.44B of it on AI.
Who acquires whom remains open; market analysis cited by The Verge suggests SpaceX absorbing Tesla is more logical.

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Musk confirms Tesla and SpaceX form special committees to explore merger valuing over $3.5T

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