SpaceX and Tesla have begun board reviews of a possible merger as SpaceX reported $14.575 billion in third-quarter revenue and $4.4 billion in net income.
SpaceX’s earnings release filed with the Securities and Exchange Commission showed revenue for the three months ended Sept. 30, 2026, 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. The Super Intelligence segment reported $7.560 billion in revenue and $431 million in operating income.
Companywide capital expenditure was $19.593 billion, including $16.444 billion for that segment.
Investors had asked about a merger before SpaceX’s Oct. 20 earnings call. SpaceX CEO Elon Musk said each company formed a committee of independent directors in response. He leads Tesla as well and said he would stay out of the discussions because of his conflict of interest. Musk cited possible cooperation in software, chips, robotics and connectivity, and said any proposal would need shareholder support. No terms have been agreed, and he cautioned that a deal was not assured.
Tesla’s 2026 proxy statement says it invested approximately $2 billion in SpaceX Class A shares on March 12. The filing also discloses commercial, licensing and support agreements between the companies. SpaceX’s prior filing records its Feb. 2 acquisition of X.AI Holdings Corp., a separate precedent for combining companies linked to Musk.
Reuters reported that Barclays analysts had examined a possible SpaceX acquisition of Tesla, and that Musk and the companies had made no formal commitment at the time.
Tesla plans to release third-quarter results after the U.S. market closes Oct. 21, followed by a webcast at 5:30 p.m. ET. Its published agenda for the Dec. 3 shareholder meeting lists director elections, an advisory vote on executive pay and auditor ratification, with no merger proposal.
