Rumors of Tesla-SpaceX Merger Resurface: "Musk's Dream Realized"

The Two Companies Share AI, Energy, and Computing Infrastructure
After SpaceX Completes Its NASDAQ Listing,
Merger Likely to Be Pursued... Dan Ives Also Projects This

As Elon Musk pushes for the listing of space company SpaceX with a target set for next month, rumors of a potential merger between Tesla and SpaceX have resurfaced on Wall Street. Observers point to the fact that the two companies are already closely linked, particularly around artificial intelligence (AI), energy, and computing infrastructure, lending weight to such speculation.

Elon Musk, CEO of SpaceX, Tesla, and xAI, appeared at the federal court in Oakland, California, on the 29th of last month (local time). Photo by Reuters Yonhap News

On May 26 (local time), business media outlet CNBC reported that CEO Musk has been discussing the possibility of integrating SpaceX and Tesla with his close associates. It is also reported that among internal employees, there is widespread expectation that a merger will eventually take place.

Previously, well-known tech industry analyst Dan Ives, an analyst at Wedbush Securities, projected that after SpaceX completes its initial public offering (IPO), there is a possibility that the two companies could merge in 2027. He cited the already tightly interconnected business structures of the two companies as the basis for his outlook.

Currently, SpaceX is preparing to list on NASDAQ. Its anticipated corporate valuation is around $125 billion. This is expected to be a "mega deal" in this year's IPO market. If combined with Tesla's market capitalization (about $160 billion), projections indicate that the value of the integrated entity could approach $300 billion.

The two companies are already operating virtually as a single ecosystem. Tesla invested $2 billion in xAI, and its stake was later converted into SpaceX shares. Additionally, the two companies are jointly working on the "Terafab" project to produce AI chips for Tesla's robotaxi and humanoid robots.

In a recent investor presentation, SpaceX revealed that it purchased approximately $700 million worth of Tesla Megapack batteries to supply power to xAI's data centers. The company has also purchased over $100 million worth of Cybertrucks.

However, there are still complicated challenges remaining before an actual merger can take place, including the holding company structure, share exchange ratio, and valuation. While most analysts believe antitrust issues are unlikely to be significant, CNBC noted that shareholder opposition remains a potential variable.

Some in the market analyze that the biggest beneficiary of a merger between the two companies would ultimately be Musk himself. SpaceX has already set the achievement of a $750 billion market capitalization and the establishment of a colony of one million people on Mars as conditions for Musk's compensation. Tesla also operates a compensation system linked to market capitalization growth and the achievement of operational targets.

Ross Gerber, CEO of investment firm Gerber Kawasaki, told CNBC, "The combination of SpaceX and Tesla could be the path for Musk to realize his dream of running a single giant company," adding that "it will also make it much easier to secure the massive funding needed for the AI race."

This content was produced with the assistance of AI translation services.