SpaceX and Tesla are exploring a merger: what is confirmed and what is not
Elon Musk has said the two companies are exploring a combination. Reports put the combined value near $3.5 trillion, but no deal has been announced.
Reviewed by Jackson on Nov 13, 2026. How we work
Quick answer
In October 2026, SpaceX and Tesla began exploring a merger, which Elon Musk confirmed publicly. Reports put the combined company at about $3.5 trillion. No deal has been announced or filed. Each company's board would need special committees to approve it, and Musk says he would step aside from the decision.[1]
In this article
Why it mattersWhat has been confirmedWhy the numbers are so largeThe governance questionWhat happens nextWhat we don't know yetSourcesKey points
- SpaceX and Tesla have begun exploring a merger, and the reported combined value is about $3.5 trillion.[1]
- Both companies would use special committees of independent directors to approve any deal. Musk has said he will recuse himself.[1]
- Musk's voting control is very different at each company: roughly 84% of the vote at SpaceX, against about 20% at Tesla, because of super-voting shares.[1]
- Tesla's annual shareholder meeting is set for December 3, 2026, where shareholders vote on the board and other items. The merger is not on the published ballot.[2][3]
Why it matters
Tesla shareholders, SpaceX investors, and the wider market would all be affected. Musk's companies cover electric cars, rockets, satellite internet and artificial intelligence. A combination would tie those businesses together in one company, which is why both share prices rose when the talks were reported.[1]
What has been confirmed
In late October 2026, Musk said that SpaceX and Tesla had begun exploring a merger. The discussion is at an early stage: as of the latest reporting, no agreement has been announced.[1]
Share prices of both companies rose after the news. Musk argues that combining the companies would deepen cooperation on chip design, robotics and software.[1]
Why the numbers are so large
The combined value reported in the press is about $3.5 trillion. That figure appears in reporting without a named source, so treat it as an estimate and not a company disclosure.[1]
Semafor reports that SpaceX's June 2026 IPO paved the way for the talks, since SpaceX now has a public market value to compare with Tesla.[1]
The governance question
The main concern for investors is control. Musk holds super-voting shares that give him roughly 84% of the vote at SpaceX, compared with about 20% at Tesla. A merger would put one person's influence over two different sets of shareholders.[1]
To reduce that concern, both companies would use special committees of directors who are not part of Musk's control. Musk has said he will recuse himself from the decision. An early SpaceX investor told Bloomberg that the combination would be "the only company owning the full physical-AI stack".[1]
What happens next
Tesla's 2026 annual meeting is scheduled for December 3 at 3:00 p.m., according to the company's proxy statement, and it will be held at Giga Texas. Shareholders will vote on re-electing Musk, Robyn Denholm and JB Straubel to the board, a non-binding vote on 2025 executive pay, and the auditor. The merger is not among the items.[2][3]
A deal would still need the committees to agree, and reporting suggests shareholder approval would also be required. No timetable has been set in any official filing.[1]
What we don't know yet
- Whether the companies will reach an agreement at all. Talks are at an early stage and no offer has been made public.
- The exact valuation. The $3.5 trillion figure is a press estimate that has not been confirmed by either company.
- The exact shareholder approval threshold, which needs to be checked in the official filings once a deal exists.
Sources
- Semafor: SpaceX and Tesla mega-merger under discussion (accessed Nov 13, 2026)
- Drive Tesla Canada: Tesla Sets December 3 Shareholder Meeting as Musk and Two Directors Face Re-Election (accessed Nov 13, 2026)
- U.S. Securities and Exchange Commission: Tesla, Inc. Form DEF 14A (proxy statement), FY2026 (accessed Nov 13, 2026)