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ZEC $1,276 Musk backs SpaceX-Tesla merger idea as AI revenue jumps ninefold
Elon Musk called a SpaceX-Tesla merger a good idea, but said no terms are agreed and Tesla needs a 50% vote of all shares.
Key takeaways
- AI leads revenue. SpaceX's Super Intelligence segment brought in $7.6 billion, an 830% increase from a year earlier.
- Bitcoin would combine. SpaceX held 18,712 BTC and Tesla held 11,509 BTC as of June 30, or 30,221 BTC together.
- Vote bar is high. Tesla would need a 50% vote of all shares, not just those voted, Musk said.
What happened
Elon Musk said he supports the idea of merging Tesla with SpaceX. He spoke on SpaceX's third-quarter earnings call on Tuesday. He said both companies have formed special committees of independent directors to discuss the idea at shareholder request. Musk said he cannot join those talks because he is a conflicted party.
Musk said a deal is not assured. He said people who treat a merger as certain are overstating it. On Tesla's side, a deal would need a 50% vote of all shares, not just the shares voted.
The comments followed SpaceX's quarterly report. Revenue rose 161% year over year to $14.6 billion. The Super Intelligence AI segment generated $7.6 billion, an 830% increase, making it the largest revenue contributor. SpaceX cited new cloud services agreements, its acquisition of Cursor and wider use of Grok.
First $84.4KLatest $83.3K-1.3% over the period
Points are daily observations, not closing prices.
Why it matters
A merger would put Tesla in the same corporate group as Grok developer SpaceXAI, formerly xAI, and social media platform X, which SpaceX acquired in February. Musk said the companies could cooperate on superintelligence software, chip design, the Terafab, robotics, connectivity and the Starmind constellation.
A combined company would also hold two large corporate Bitcoin treasuries. SpaceX reported 18,712 Bitcoin as of June 30, and Tesla reported 11,509 BTC on the same date. Together they would hold 30,221 BTC, which the report says would rank sixth among public Bitcoin treasury companies, ahead of crypto exchange Bullish.
What is still unclear
- No merger agreement exists, and the special committees have not agreed on terms.
- Musk said Tesla shareholder approval requires a 50% vote of all shares, which he called a high hurdle.
Questions readers ask
Did Elon Musk say SpaceX and Tesla will merge?
No. Musk said a merger would be a good idea, but he said treating it as certain would be overstating it.
How much Bitcoin would a combined SpaceX-Tesla company hold?
SpaceX reported 18,712 Bitcoin and Tesla reported 11,509 BTC as of June 30. Based on those filings, a combined company would hold 30,221 BTC.
How fast did SpaceX's AI revenue grow?
SpaceX's Super Intelligence segment generated $7.6 billion in third-quarter revenue, an 830% increase from a year earlier. It became the company's largest revenue contributor.
What vote would Tesla shareholders need to approve a merger?
Musk said Tesla would need a 50% vote of all shares, not just the shares that are voted. He described that as a high hurdle.
