SpaceX and Tesla Explore Merger That Would Combine 30,221 Bitcoin
SpaceX and Tesla directors weigh a tie-up
SpaceX and Tesla are exploring a possible merger, Elon Musk said on Tuesday during SpaceX's third-quarter earnings call. Musk is the CEO and a shareholder of both companies.
Musk said each company has formed a special committee of independent directors to assess a combination. No terms have been agreed.
If the two companies merged, their bitcoin holdings would be combined into a total of 30,221 BTC, based on SpaceX's reported 18,712 BTC and Tesla's reported 11,509 BTC.
Key numbers behind the proposal
- SpaceX reported bitcoin holdings of 18,712 BTC; Tesla reported 11,509 BTC.
- A combined treasury would total 30,221 BTC.
- Musk owns about 36% of SpaceX outright, rising to 48.4% including restricted shares and unexercised options, per a June filing.
- His reported beneficial ownership of Tesla is 19.8%, including restricted compensation shares.
What Musk said about the talks
Musk said his interests in both companies prevent him from taking part in the committee discussions.
"Do I think it would be a good idea, yes. But at the end of the day, the shareholders have to be supportive of this," he said.
He described the situation as "an odd kabuki dance where two groups of people are talking, and I can't be in the conversation." He added that the special committees have not reached agreement on the terms of any transaction.
SpaceX earnings and the bitcoin link
SpaceX shares rose about 9% to $161 in Wednesday's premarket trading after quarterly results beat expectations. Revenue was $14.58 billion against a $12.7 billion consensus, and earnings per share of 35 cents beat the 15-cent forecast.
Capital expenditure reached $19.59 billion, including $16.44 billion for AI.
The results helped revive battered AI stocks. Attention now turns to Tesla's earnings, due after Wednesday's close, with analysts forecasting revenue of $28.13 billion and adjusted earnings of 44 cents per share.
What is confirmed
- Musk said SpaceX and Tesla are exploring a potential merger.
- Both companies have formed special committees of independent directors to assess a tie-up.
- No transaction terms have been agreed.
- Musk cannot participate in the committee discussions because of his interests in both companies.
- SpaceX reported third-quarter revenue of $14.58 billion and earnings per share of 35 cents.
What is still unclear
The special committees have not agreed on any terms, and Musk said shareholder support would be required. It is not confirmed whether a merger will happen, what its structure would be, or how the combined bitcoin holdings would be treated.
Why it matters for crypto
The bitcoin figures come from the two companies' reported holdings. Combining them would create a corporate bitcoin treasury of 30,221 BTC, according to the reported numbers. Because the talks are still at the committee stage and no terms are set, the outcome remains uncertain.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.