Elon Musk confirmed that Tesla and SpaceX are exploring a merger that might mix their current Bitcoin holdings below one firm.
Talking throughout SpaceX’s Oct. 20 earnings name, Musk mentioned each corporations had established particular committees of unbiased administrators to judge a possible mixture.
Musk described the merger as a good suggestion however mentioned he wouldn’t take part in negotiations due to his possession pursuits in each companies. He additionally cautioned that the committees had not but agreed on transaction phrases and would possibly by no means attain an settlement.
The potential deal would mix SpaceX’s aerospace, satellite tv for pc communications and AI operations with Tesla’s electrical automobiles, autonomous driving expertise and humanoid robotics enterprise. Musk highlighted alternatives to combine their AI infrastructure, chip improvement and manufacturing capabilities, together with the collectively developed Terafab semiconductor venture.
The disclosure follows SpaceX’s third-quarter outcomes, with income up 161% to $15 billion, together with $8 billion from its Tremendous Intelligence section.
Merger might create sixth-largest company Bitcoin holder
Past its expertise companies, the proposed merger might consolidate two of the world’s largest company Bitcoin treasuries.
In line with the businesses’ June 30 regulatory filings, SpaceX holds 18,712 BTC, whereas Tesla owns 11,509 BTC.
Their mixed holdings of 30,221 BTC can be value about $2,508 million at a Bitcoin value of round $83,000.
The mixed entity would rank sixth amongst publicly traded company Bitcoin holders, behind Technique, Metaplanet, Twenty One Capital, MARA Holdings and Attempt, primarily based on BitcoinTreasuries’ October 21 rankings and the businesses’ disclosed holdings.
Nevertheless, the transaction would unite companies with contrasting cryptocurrency funding histories.
Tesla purchased $1,500 million in Bitcoin in 2021, then bought about 75% of its holdings the next yr to strengthen liquidity. SpaceX has maintained a considerable place, which it acquired for about $661 million.
Its newest monetary statements valued digital property at $1,573 million as of September 30, down from $1,637 million on the finish of 2025.
The potential consolidation additionally comes as SpaceX accelerates investments in AI infrastructure, creating competing calls for for company capital.
The corporate spent $20 billion on capital expenditure in the course of the third quarter, together with $16 billion on AI infrastructure. Administration expects spending to rise to $35 billion to $40 billion within the fourth quarter.
These commitments dwarf the mixed Bitcoin portfolio and will affect how the merged firm manages its cryptocurrency reserves, notably given Tesla’s historical past of promoting Bitcoin to protect liquidity.
Wall Avenue backs SpaceX-Tesla merger logic
Wall Avenue analysts are more and more assessing the monetary implications of the proposed mixture, with JPMorgan outlining a possible SpaceX-led acquisition of Tesla.
In an Oct. 21 analysis be aware reported by Investing.com, JPMorgan analyst Rajat Gupta mentioned an all-stock transaction might provide Tesla shareholders a 30% to 35% premium.
The financial institution cited overlapping engineering expertise, AI infrastructure, and chip improvement as compelling causes to mix the companies. It additionally highlighted SpaceX’s roughly $2 trillion valuation as invaluable acquisition forex.
In the meantime, JPMorgan recognized Chinese language regulatory approval as probably the largest impediment to a merger.
China accounts for roughly 20% of Tesla’s income, whereas SpaceX maintains intensive US protection relationships and operates Starlink, which lacks authorization in China.
Gupta urged Tesla might separate its Chinese language operations below majority native possession whereas retaining licensing preparations for its expertise and model.
Such a restructuring might tackle Beijing’s considerations, however it will add complexity to negotiations that already require approval from holders of a majority of Tesla’s excellent shares.

