A potential SpaceX Tesla merger could bring 30,221 bitcoin under one corporate roof, but discussions remain unresolved. Independent directors at both companies are assessing a combination, Elon Musk said during SpaceX’s third-quarter earnings call on Tuesday.
Key Takeaways
- Independent board committees are evaluating a combination, with no transaction terms agreed.
- SpaceX’s reported 18,712 BTC and Tesla’s 11,509 BTC would form a combined 30,221 BTC treasury.
- SpaceX shares rose about 9% in premarket trading after results exceeded expectations; Tesla’s earnings were still due.
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SpaceX Tesla merger remains under review
The bitcoin implications depend on a transaction that has not been agreed. SpaceX reports holdings of 18,712 BTC, while Tesla holds 11,509 BTC. A merger would combine those balances rather than represent a newly announced bitcoin purchase.
Musk, who is chief executive and a shareholder of both businesses, said he favors a combination but emphasized that shareholders would need to support it. His interests in both companies prevent him from taking part in the special committees’ discussions.
According to a June filing, Musk owns about 36% of SpaceX outright, increasing to 48.4% when restricted shares and unexercised options are included. His reported beneficial ownership of Tesla is 19.8%, including restricted compensation shares.
SpaceX earnings lift shares ahead of Tesla report
The merger disclosure accompanied stronger-than-expected SpaceX results. Revenue reached $14.58 billion against a $12.7 billion consensus estimate, while earnings per share of 35 cents exceeded the 15-cent forecast.
SpaceX shares climbed about 9% to $161 in Wednesday’s premarket trading. Capital expenditure totaled $19.59 billion, including $16.44 billion for AI.
Tesla was scheduled to report after Wednesday’s market close. Analysts expected revenue of $28.13 billion and adjusted earnings of 44 cents per share; those figures were forecasts, not reported results.
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