Musk says SpaceX-Tesla merger could deliver “a lot to be gained”

Musk has said that combining SpaceX and Tesla could deliver “a lot to be gained,” according to BBC Business, framing the idea as a potential mega-merger rather than a completed transaction. The publication described it as potentially the biggest merger in history.

The proposal follows Musk’s leadership of both companies, but it would require agreement on valuation, ownership, governance and transaction terms before becoming actionable. No timetable for a deal is established in the available reporting.

For Tesla, the connection would be direct: its shareholders could become exposed to SpaceX’s business and valuation through a combined company. Tesla’s FY 2025 figures were $94.8B in revenue, down 2.9% year over year, with an 18.0% gross margin, a 4.1% net margin and $1.08 in diluted EPS.

The central uncertainty is whether the idea advances beyond Musk’s statement and, if so, how the companies would handle the corporate and shareholder approvals required for a combination of this size. The next concrete markers would be formal deal terms, board action or regulatory and shareholder processes.