Elon Musk is now a trillionaire. Is his next big move a merger between Tesla and SpaceX into a $3 trillion behemoth?
Following SpaceX’s splashy record-setting public offering last month, that’s the big question on many investors’ minds. But Musk’s call with shareholders on Wednesday provided few answers.
When asked about a possible tie-up, he didn’t commit either way.
“There’s going to be more and more overlap (between the two companies),” he said. “But obviously… we can’t talk about combining companies and that kind of thing on an earnings call. It’s got to be done with the appropriate process.”
Musk did, however, mention possible advantages of combining his two massive companies, such as using SpaceX’s Starlink satellite internet service in Tesla’s robotaxis, or cooperating on artificial intelligence efforts. SpaceX and Telsa already formed a joint venture in March, a factory in Austin called Terafab to fabricate microchips.
The combined value of SpaceX and Tesla would be comparable to Microsoft, making it one of the largest companies in the world and thus easier to raise additional capital. Streamlining both AI units could improve efficiency, giving it a leg up in the AI race. The megamerger would also give Musk unprecedented control of Tesla.
“We see the possibility of a SpaceX-Tesla combination as strategically coherent on paper, allowing CEO Musk to unify vision, mission, and engineering leadership across both platforms,” JPMorgan analyst Rajat Gupta said in a note to clients earlier this month.
The two companies do share many other commonalities beyond Musk.
For one, investors calculate the high valuations of both based on their artificial intelligence efforts, not their core businesses selling electric vehicles or lifting payloads and astronauts into outer space.
Some Tesla and SpaceX bulls on Wall Street think a deal is likely within the next year.
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