Tesla and SpaceX, two of Elon Musk's main companies, are studying a possible merger that could bring together more than 30,000 bitcoins under the control of a single company. The information was confirmed by the billionaire himself during SpaceX's earnings presentation on Tuesday (20).
If the deal goes ahead, the new company would hold approximately 30,221 bitcoins, worth around US$ 2.5 billion at a price near US$ 83,000 on Wednesday (21).
Of that total, 18,712 BTC belong to SpaceX, while another 11,509 BTC sit in Tesla's reserves, according to data from the platform BitcoinTreasuries. Together, the two companies would form one of the largest corporate Bitcoin reserves in the world.
Musk confirmed that the companies have set up special committees, made up of independent directors, to assess the possibility of a merger. However, he stressed that there is no agreement yet between the parties and that any deal will depend on shareholder support.
"Do I think it would be a good idea? Yes. But ultimately the shareholders need to support it," the entrepreneur said during the presentation of SpaceX's third-quarter results.
Because Musk holds significant stakes in both companies, he cannot take part directly in the negotiations led by the independent committees, due to the potential conflict of interest.
The billionaire currently holds approximately 36% of SpaceX, a stake that rises to 48.4% when restricted shares and unexercised options are included. At Tesla, his economic interest is approximately 19.8%, including equity compensation instruments, according to regulatory filings cited by CoinDesk.
Despite backing the idea, Musk acknowledged there are still obstacles to making it happen.
"The special committees have not yet agreed on the terms of any transaction," he said.
Merger could create a giant worth more than US$ 3 trillion
A merger between Tesla and SpaceX could result in one of the largest deals in history.
According to estimates reported in the international press, the combined group could reach a market value above US$ 3.5 trillion, bringing together businesses in electric vehicles, rockets, satellites, artificial intelligence and robotics.
The rapprochement between the companies comes at a time of growing integration between their operations.
Tesla develops electric vehicles, self-driving systems and humanoid robots, while SpaceX launches rockets and operates the Starlink satellite internet network. Both also invest in artificial intelligence and computing infrastructure.
Shared projects include initiatives related to semiconductor manufacturing and the development of technologies for vehicles, including Tesla's new Roadster.
The discussion about a possible merger gained momentum after SpaceX reported quarterly results above market expectations.
The company posted revenue of US$ 14.58 billion in the third quarter, beating analysts' projection of US$ 12.7 billion.
Earnings per share came in at US$ 0.35, also above the US$ 0.15 expected by the market. The company's investments reached US$ 19.59 billion over the period, including US$ 16.44 billion allocated to artificial intelligence initiatives.
The figures lifted SpaceX shares, which rose by as much as approximately 9% in pre-market trading in the United States on Wednesday, reaching around US$ 161.
Tesla, for its part, will release its third-quarter results after the market close on Wednesday. Analysts project revenue of US$ 28.13 billion and adjusted earnings of US$ 0.44 per share.
While the merger is seen as a possibility by Wall Street analysts, its completion will depend on negotiations between the companies' representatives, shareholder approval and regulatory review.
Combining businesses of this size operating in strategic sectors such as space technology, communications and artificial intelligence could also draw scrutiny from authorities responsible for competition and national security.
Bitcoin is already part of both companies' reserves
Both Tesla and SpaceX have a history of investing in Bitcoin.
Tesla announced its first major purchase of the cryptocurrency in February 2021, when it revealed an investment of US$ 1.5 billion. At the time, it also said it intended to accept Bitcoin as payment for its vehicles, an initiative later suspended over environmental concerns related to mining.
In 2022, the carmaker sold approximately 75% of the units it held, but kept a portion of its reserves in the cryptocurrency.
SpaceX has also been accumulating bitcoins for several years, although it discloses less detailed information about its operations with the asset.
According to the most recent data compiled by BitcoinTreasuries, its reserves total 18,712 BTC, which places the company among the largest corporate holders of the cryptocurrency.
If the merger goes ahead, the combined holding of 30,221 BTC would exceed that of several companies that have adopted Bitcoin as a reserve asset, although it would still be far below the roughly 848,500 units held by Strategy, the company led by Michael Saylor.
The merger, however, would not necessarily represent a new purchase of bitcoins. The coins already belong to the two companies and would simply be brought together within the structure of the resulting group.
The move is notable for showing how Bitcoin could gain even more prominence within a technology and infrastructure conglomerate led by Elon Musk.
For now, however, the possibility remains under review, with no decision yet on the figures, the structure of the deal or a timeline for its completion.
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