Merger talks between Tesla and SpaceX

Elon Musk confirmed that discussions are underway regarding a potential merger between Tesla, the electric vehicle manufacturer, and SpaceX, the aerospace company. During the presentation of SpaceX's quarterly results, Musk stated that a merger would be "a good idea," though he emphasized that no decision had been made.

Independent committees to assess the merger

The companies have formed special committees of independent directors to evaluate the potential merger, which would create an entity valued at approximately 3.5 trillion dollars, the largest merger in world history. Musk noted that the special committees of both companies would have the final say, as he is considered an "interested party" and thus excluded from the discussions.

Reasons for the potential merger

Musk noted that the merger is not a certainty and that some observers may overestimate its likelihood. The special committees are currently examining the financial and structural terms of the operation. The potential merger is driven by strategic convergence, with Musk citing the emergence of a "superintelligence singularity" as a reason for combining the companies.

SpaceX's financial success

SpaceX recorded its first profit since its initial public offering, with revenue increasing by 161% year-on-year, driven mainly by artificial intelligence and Starlink connectivity. The SpaceX AI subsidiary, "Super Intelligence," generated 7.56 billion dollars in revenue in the third quarter, an increase of 830% compared to the previous year.

Collaborative projects and synergies

The two companies are already collaborating on Terafab, a joint chip manufacturing plant developed in partnership with Intel, which aims to mass-produce processors dedicated to artificial intelligence. Musk estimates that combining the companies would allow for the sharing of research and development costs, optimize semiconductor supply chains, and create an integrated technological ecosystem covering autonomous vehicles, aerospace, and generative artificial intelligence.

Shareholder approval required

The merger would require the agreement of 50% of all Tesla shareholders, whether they vote or not, which Musk acknowledges as a "very high obstacle." The combined market capitalization would reach approximately 3.5 trillion dollars, with Tesla weighing about 1.5 trillion and SpaceX 2 trillion since its stock market listing in June 2026.

SpaceX's financial transformation

The financial transformation of SpaceX is radically changing the equation of the merger. The space company is no longer a financial burden requiring permanent capital but a generator of substantial profits. Its AI infrastructure revenue now exceeds that of Starlink, creating a recurring cash flow that secures the funding of ambitious space projects such as Martian missions. Institutional investors are re-evaluating the risk associated with a merger due to SpaceX's profitability.

Regulatory scrutiny expected

U.S. and European antitrust authorities will closely scrutinize this operation. An entity controlling Starlink (critical internet infrastructure), SpaceX launchers (strategic space access), and Tesla technology (autonomous transport) would concentrate unprecedented economic power. Regulators could require asset divestitures or impose operational restrictions. The precedent from the previous year, where Tesla approved a 1 trillion dollar compensation package for Musk, nevertheless shows the leader's ability to mobilize his shareholders.

Strategic benefits for shareholders

For Tesla shareholders, the operation represents an opportunity to diversify into aerospace and cloud infrastructure, sectors with strong growth. Shareholders of SpaceX would benefit from the liquidity and visibility of a major listed stock. At the macroeconomic level, such a concentration would accelerate the global race for artificial intelligence infrastructure, forcing competitors like Google, Microsoft, or Anthropic to react through acquisitions or strategic partnerships.