This number is off. Barclays' 0.7 comes from comparing company values, not share prices. At current market capitalizations of roughly $2.1 trillion for SpaceX and $1.5 trillion for Tesla, the ratio would be about 0.7 SpaceX shares per Tesla share, according to the note as reported. That 0.7 is just $1.5T ÷ $2.1T. It tells you Tesla is worth about 70% as much as SpaceX overall. An exchange ratio, though, is set per share. That depends on how many shares each company has: SpaceX has about 13.18B implied shares outstanding when you include Musk's super-voting Class B shares. At roughly $160, that's about $2.1T. Tesla has roughly 3.8–3.9 billion shares. At $386, that's about $1.5T. At market value with no premium, one Tesla share ($386) equals about 2.4 SpaceX shares ($386 ÷ $160). At 0.7 SpaceX shares, a Tesla holder would get about $112 of stock for a $386 share. That's a roughly 70% haircut, which no Tesla shareholder vote would ever approve. So either the reports garbled Barclays' math, or Barclays meant "relative value" rather than a literal per-share ratio.