Foreign media report that as SpaceX completes its IPO and its market value rises rapidly, discussions about a potential merger with Tesla are gaining momentum. Supporters highlight the synergies between the two companies in energy, chips, and AI infrastructure, while opponents express concerns over valuation allocation, ongoing losses, and governance issues.
SpaceX's listing has boosted expectations.
The report noted that, following its approximately $85 billion IPO, SpaceX's market value has now clearly surpassed that of Tesla. This shift has prompted some analysts and Tesla investors to begin discussing whether Musk might merge the two companies into a single entity.
SpaceX President Gwynne Shotwell did not rule out the possibility of integration with Tesla on the day of the listing, but emphasized that the current focus remains on the company’s expansion plans. Wedbush analyst Dan Ives also noted that a merger between the two companies next year is not out of the question, linking it to Musk’s broader ambitions in AI.
Business overlap is already expanding.
Supporters of the merger argue that the two companies have not built their relationship from scratch. Reports show that last year, SpaceX purchased $506 million worth of Megapack energy storage batteries and $131 million worth of Cybertrucks from Tesla.
Both parties are also advancing the Terafab chip factory project, which is reportedly valued at $55 billion and aims to provide chip production capacity for SpaceX’s orbital data centers, as well as Tesla’s Robotaxi and robotics businesses. This has become one of the main arguments for synergies.
Valuation and governance take center stage
However, foreign media point out that the real resistance lies not in the realm of imagination but in the terms of the transaction. Although SpaceX has a high market valuation, it recorded a loss of approximately $49 billion last year, primarily due to investments in AI infrastructure; in contrast, Tesla has maintained positive cash flow for several consecutive years and holds about $45 billion in cash.
Under these circumstances, Tesla shareholders may worry about dilution of their equity, especially if SpaceX still requires additional financing in the future. If the merger proceeds at a higher valuation, Tesla shareholders’ ownership stake in the combined entity could also be reduced.
Another focus is the governance structure. An official in New York City responsible for corporate governance matters told foreign media that, if the transaction proceeds, board independence will be a key area of review. He also expressed concern that Tesla could be viewed as a funding source for SpaceX’s expansion.
The difficulty of shareholder obstruction has increased.
The report also noted that Tesla has moved its state of incorporation from Delaware to Texas, making it more difficult for shareholders to file similar lawsuits. Legal experts say that even if such transactions involve clear conflicts of interest, shareholders seeking to block the merger in a Texas court typically must prove intentional misconduct or fraud.
Therefore, if Musk ultimately pushes for integration, external opposition may not be enough to change the outcome. Market attention remains focused on whether SpaceX’s post-IPO valuation can stabilize and whether Tesla shareholders are willing to accept the merger price.