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It\u2019s official: Tesla and SpaceX are in talks. Independent board members at the two Elon Musk-led companies have formed special committees to hash over a possible merger, Musk told investors during SpaceX\u2019s third-quarter earnings call Tuesday.<\/p>\n
\u201cThese special committees consist of independent directors, and because I\u2019m a conflicted party, I can\u2019t actually be in the discussions of the special committees,\u201d said Musk, who was asked about a potential combination during the call. \u201cThis is definitely the kind of question where I feel like I\u2019m tap dancing through a minefield.\u201d<\/p>\n
Tesla stock rose just over 1% in after hours trading, while SpaceX rose above 5% following the Q&A with Wall Street analysts featuring Musk, SpaceX president and COO Gwynne Shotwell, and chief financial officer Bret Johnsen.<\/p>\n
Musk said the committees haven\u2019t reached any kind of an agreement on the terms of a potential transaction, and there\u2019s no guarantee that they will. He noted that \u201csome people out there assume that a SpaceX and Tesla merger is a certainty, and I think that would be overstating it.\u201d Musk also has to walk a fine line as a conflicted party. As the CEO of both companies, he owns a roughly 20% stake in Tesla and 45% of SpaceX\u2014and wields control over about 82% of the voting power at the latter.<\/p>\n
\u201cIt\u2019s an odd kabuki dance where two groups of people are talking and I can\u2019t be in the conversation,\u201d said Musk.<\/p>\n
At the same time, Musk has made clear he believes a tie-up would be a fine idea. He cited collaboration on AI software, chip design, robotics, and connectivity, plus the planned Terafab chip plant, which is a colossal manufacturing complex being developed by SpaceX and Tesla jointly.<\/p>\n
The committees were formed \u201cat the request of shareholders,\u201d said Musk and on the Tesla side it would need support from a majority of all outstanding shares, which Musk described as \u201cquite a high hurdle.\u201d<\/p>\n
Tesla filed its annual shareholder proxy report on Monday, and it doesn\u2019t include a merger proposal for shareholders to vote on. Rumors of a tie-up, however, have swirled for months, even before SpaceX\u2019s blockbuster IPO in June.<\/p>\n
A $3.5 trillion company<\/p>\n
At Tuesday\u2019s closing prices, a combined Tesla-SpaceX would have a total market value of about $3.5 trillion, with SpaceX at about $2 trillion and Tesla at nearly $1.5 trillion. A formal deal price wouldn\u2019t come until much further down the road, if at all. Musk would own about a third of the combined entity. The companies are already financially entangled, including a $2 billion investment by Tesla in SpaceX, Tesla\u2019s Monday proxy statement confirmed.\u00a0<\/p>\n
There are also multiple areas of overlap between the Tesla and SpaceX boards.\u00a0<\/p>\n
Ira Ehrenpreis, founder of venture capital firm DBL Partners, chairs SpaceX\u2019s compensation and nominating committee, which is a single committee at SpaceX, as well as the two separate committees at Tesla. And Tesla board member James Murdoch, who has been a director at the electric-vehicle maker since 2017, testified in a previous legal challenge over Musk\u2019s pay package at Tesla that he had previously invested in SpaceX.\u00a0<\/p>\n
The disclosure from Musk came as SpaceX reported its first operating profit since its June IPO.\u00a0<\/p>\n
Revenues for the third quarter fiscal 2027 year rose 161% to $14.58 billion, well above the $12.86 billion analysts expected, according to Visible Alpha consensus from S&P Global Market Intelligence. Operating revenue clocked in at $2.79 billion, apnd net income was $4.4 billion.\u00a0<\/p>\n
Revenue from SpaceX\u2019s AI business, which was renamed \u201cSuper Intelligence,\u201d nearly tripled from the second quarter to $7.56 billion, surpassing Starlink\u2019s $5.25 billion for the first time since the company went public.\u00a0<\/p>\n
In his usual fashion, Musk offered up aggressively optimistic thoughts about the future of SpaceX, claiming SpaceX\u2019s breakneck buildout pace implies annual recurring revenue of $500 billion to $1 trillion by the end of 2027. Meanwhile, Johnsen reaffirmed a target of $100 billion in annualized revenue by the end of this year.<\/p>\n
At its third-quarter pace, SpaceX is bringing in about $58 billion a year. Hitting the $100 billion figure would take about $8.3 billion of revenue in December, roughly 70% more than its average month last quarter. Musk\u2019s range would require about $42 billion to $83 billion a month by December 2027.\u00a0<\/p>\n
Tesla did not immediately respond to a request for comment.\u00a0<\/p>\n
#Elon #Musk #Tesla #SpaceX #weighing #trillion #mergerwithout #room<\/p>\n","protected":false},"excerpt":{"rendered":"
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