Tesla and SpaceX chief executive Elon Musk said a Tesla vote on a possible merger would require support from 50% of all Tesla shares, as independent board committees consider whether to combine the companies.
The threshold would apply to all shares, rather than only votes cast, Musk said on SpaceX’s Oct. 20 earnings call. He said the committees had not agreed on any transaction terms and gave no assurance that they would reach a deal.
SpaceX reported $4.404 billion in net income for the three months ended Sept. 30, compared with a $1.054 billion loss a year earlier. Revenue rose 161% to $14.575 billion from $5.576 billion, the company said in results filed with the SEC.
It was SpaceX’s first reported profitable quarter since its shares began trading on Nasdaq on June 12. The company reported a $541 million net loss for the second quarter.
Musk said shareholders’ requests prompted the companies to form independent committees for the board reviews of a possible merger. He said his conflict prevented him from participating in their deliberations. Musk called a combination a “good idea,” pointing to potential cooperation in software, chip design, robotics and connectivity.
Tesla’s 2026 proxy says it completed an approximately $2 billion investment in SpaceX Class A shares on March 12. The filing also describes commercial, licensing and support agreements between the companies.
SpaceX’s Super Intelligence segment, previously reported as AI, generated $7.560 billion in third-quarter revenue and $431 million in operating income. Connectivity produced $5.248 billion in revenue and $2.367 billion in operating income. Super Intelligence accounted for $16.444 billion of SpaceX’s $19.593 billion in third-quarter capital expenditures.
Companywide operating income was $2.791 billion. SpaceX’s filing also listed $1.025 billion in other income and a $390 million income-tax benefit for the quarter.
Tesla’s Oct. 19 proxy includes no merger proposal on the Dec. 3 shareholder meeting ballot. Shareholders are scheduled to vote on directors, 2025 executive pay and auditor ratification.
