SpaceX and Tesla Consider Merger Combining More Than 30,000 Bitcoin

SpaceX and Tesla have begun evaluating a possible merger through independent director committees, while stronger-than-expected SpaceX earnings have boosted its shares ahead of Tesla’s upcoming results.

Elon Musk, who leads both companies and holds stakes in each, said on Tuesday that SpaceX and Tesla are considering a potential combination. The deal could bring together two of his largest businesses and consolidate their combined Bitcoin holdings of more than 30,000 BTC.

According to a June filing, Musk directly owns approximately 36% of SpaceX, the space exploration and artificial intelligence company. His ownership rises to 48.4% when restricted shares and unexercised options are included. His reported beneficial ownership in electric vehicle manufacturer Tesla stands at 19.8%, including restricted compensation shares.

During SpaceX’s third-quarter earnings call, Musk revealed that both companies had established special committees made up of independent directors to evaluate the proposed merger. If completed, the transaction would combine SpaceX’s reported 18,712 BTC with Tesla’s 11,509 BTC, bringing their total Bitcoin holdings to 30,221 BTC.

Musk expressed support for the idea but stressed that shareholders would ultimately determine whether the transaction proceeds.

“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.

Because Musk has financial interests in both businesses, he is unable to participate directly in the committees’ deliberations about the potential deal.

Describing the arrangement, Musk said the process involves two separate groups conducting discussions without his involvement. He also confirmed that the independent committees had not yet reached an agreement on the terms of a possible transaction.