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Elon Musk, CEO of Tesla, directly hinted at the possibility of a merger between Tesla and SpaceX during the second-quarter 2026 earnings conference call, stating that "increasingly more areas are overlapping" between the two companies. While Musk avoided giving a direct answer and said he would leave it to appropriate legal procedures, this is the first time he has shown such strong implications regarding merger rumors.
When asked whether there could be synergies from merging the two companies, Elon Musk responded, "Well, as you can see, SpaceX and Tesla are collaborating in various ways across multiple areas, and in that process, more and more aspects are overlapping. In particular, Terafab will become a truly massive project." Musk then paused briefly before adding, "Of course, we cannot discuss company mergers during a call like this; it must go through proper procedures," thereby hinting at the possibility.
Currently, both companies are closely integrating their joint semiconductor 'Terafab' project, AI Grok, Starlink satellite communications, and humanoid Optimus technology. In particular, the financial ties are deep: of Tesla's $1.1 billion GAAP net profit for this quarter, approximately $750 million stems from valuation gains on its stake in SpaceX. However, concerns have also been raised about potential future book losses due to recent declines in SpaceX's stock price.
Wall Street analysts estimate an 80% to 90% probability of a merger between the two companies by early 2027, given that SpaceX's corporate valuation stands at 1.75 trillion won, surpassing Tesla's market capitalization of approximately 1.6 trillion won. Concerns have also been raised that if this mega-merger led by Musk, who holds overwhelming voting rights in SpaceX, proceeds, Tesla's general shareholders may be forced to bear excessive risk.
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*This content was translated by AI.
