Tesla and SpaceX Boards Review Possible Merger

Tesla and SpaceX have formed independent-director committees to review a possible merger, Elon Musk said on October 20, but he cautioned that no terms have been agreed and a deal is not assured. Musk made the remarks during SpaceX’s earnings call. He said he would stay out of the discussions because he leads both companies and has a conflict of interest. Any proposal would require shareholder support, he said. The companies have not announced committee findings, a formal proposal or a vote schedule. The review comes as SpaceX reported third-quarter revenue of $14.575 billion for the three months ended September 30, up 161% from a year earlier. Net income was $4.4 billion, compared with a $1.1 billion loss in the same quarter of 2025, according to the company’s filing with the Securities and Exchange Commission. Its Super Intelligence segment reported $7.56 billion in revenue and $431 million in operating income. Tesla’s 2026 proxy statement says the company invested approximately $2 billion in SpaceX Class A shares on March 12. The filing also discloses commercial, licensing and support agreements between the companies. Those existing ties do not establish that a merger has...