Chatter grows around SpaceX, Tesla merger: Report

Elon Musk is considering merging SpaceX and Tesla, according to a CNBC report, despite SpaceX’s planned Nasdaq listing under the symbol SPCX in late June. The two companies already collaborate on shared challenges, including power and compute constraints, with SpaceX’s AI unit xAI playing a key role. SpaceX was valued at $1.25 trillion earlier this year after merging with xAI, potentially making Musk the world’s first trillionaire if the listing succeeds. SpaceX’s SEC filings show $18.6 billion in revenue for 2025 but a net loss of $4.9 billion, while first-quarter sales reached $4.7 billion with a $4.3 billion loss. The company spent over $7.6 billion—75% of its $10.1 billion capital expenditure—on AI in Q1, reflecting its focus on integrating AI tools to enhance operations. Tesla, meanwhile, aims to triple its capex to $25 billion this year, creating potential synergies if a merger proceeds. Musk holds majority shares in SpaceX and is the world’s richest person, having surpassed $500 billion in net worth last year. Board overlaps exist: Musk and venture capitalist Ira Ehrenpreis serve on both companies’ boards, while Musk’s brother Kimbal was a SpaceX director and now sits on Tesla’s board. Tesla also owns $2 billion in xAI shares, acquired before its merger with SpaceX in February. The merger speculation comes as SpaceX prepares for its Nasdaq debut, which could become the largest IPO to date. Analysts note shared resources and AI integration as key drivers for potential consolidation, though no official announcement has been made. The companies’ financial filings highlight contrasting growth trajectories, with SpaceX’s revenue and losses outpacing Tesla’s planned capex surge.