SpaceX, Tesla in Merger Talks Over 30,221 BTC — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- SpaceX and Tesla each formed special committees of independent directors to assess a merger, with Musk recusing himself because he holds ~36% of SpaceX (48.4% including restricted shares and options) and 19.8% of Tesla.
- A combined entity would hold 30,221 BTC in corporate treasury — SpaceX's reported 18,712 BTC plus Tesla's 11,509 BTC — though no transaction terms have been agreed and Musk said shareholders must ultimately approve any deal.
- Musk called the negotiations an "odd kabuki dance," saying "special committees have not reached agreement on the terms of any transaction" and that he cannot participate in committee discussions.
- SpaceX reported Q3 revenue of $14.58 billion versus a $12.7 billion consensus and EPS of 35¢ against a 15¢ forecast, sending shares up roughly 9% to $161 in premarket trading.
- SpaceX's capital expenditure hit $19.59 billion in Q3, including $16.44 billion allocated to AI — a figure that suggests the merger is as much an AI consolidation as a transport-and-auto combination.
- Tesla is set to report earnings after Wednesday's close, with analysts forecasting $28.13 billion in revenue and adjusted EPS of 44¢.
Why it matters: A SpaceX-Tesla tie-up would fuse a $14.6-billion-a-quarter SpaceX with Tesla under one roof, anchored by a 30,221-BTC treasury and $16.44 billion in quarterly AI spending. Musk's dual 48.4% SpaceX / 19.8% Tesla ownership is the structural conflict — his "kabuki dance" framing means independent directors, not Musk, will set the terms, and shareholder votes become the decisive gate.
Ask SkimNews
