SpaceX and Tesla explore merger that would unite more than 30,000 bitcoin

SpaceX SPCX and Tesla TSLA are exploring a potential merger, Elon Musk, the CEO and a shareholder of both companies, said on Tuesday, raising the prospect of combining two of his biggest companies and more than 30,000 bitcoin BTC$82,687.80.

Musk owns about 36% of space and AI-focused SpaceX outright, rising to 48.4% including restricted shares and unexercised options, according to a June filing. His reported beneficial ownership of electric-car maker Tesla is 19.8%, including restricted compensation shares.

Speaking during SpaceX’s third-quarter earnings call, Musk said both companies had formed special committees of independent directors to assess a tie-up. A combination would unite SpaceX’s reported 18,712 BTC and Tesla’s 11,509 BTC, for a total of 30,221 BTC.

“Do I think it would be a good idea, yes. But at the end of the day, the shareholders have to be supportive of this,” he said.

His interests in both companies prevent him from participating in committee discussions.

“It’s an odd kabuki dance where two groups of people are talking, and I can’t be in the conversation,” Musk said. “The special committees have not reached agreement on the terms of any transaction.”

SpaceX shares jumped abpit 9% to $161 in Wednesday’s premarket trading. Revenue of $14.58 billion exceeded the $12.7 billion consensus, while earnings per share of 35 cents beat the 15-cent forecast. Capital expenditure reached $19.59 billion, including $16.44 billion for AI.

The results helped revive battered AI stocks. Attention now turns to Tesla’s earnings due after Wednesday’s close, with analysts forecasting revenue of $28.13 billion and adjusted earnings of 44 cents per share.