Elon Musk confirmed that the SpaceX and Tesla boards have tasked committees of independent directors with studying a merger at shareholders’ request, although no agreement has yet been signed. The Financial Times values the combined group at nearly $3.6 trillion, while a Tesla shareholder vote would require approval from 50% of all its shares. SpaceX and Tesla hold a combined 30,221 bitcoins worth $2.54 billion as of September 30, 2026, which would rank the merged entity sixth among listed corporate holders, 5,321 bitcoins behind MARA Holdings. SpaceX reported quarterly revenue of $14.58 billion and net income of $4.4 billion, while Tesla recorded a $288 million unrealized gain on its 11,509 bitcoins despite operating profit falling 56% to $718 million. Analysts broadly consider the merger highly likely but point to governance concerns arising from Musk’s influence and the need for Tesla to strictly separate its Chinese operations.
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