Tesla and SpaceX are reviewing a possible combination, but their quarterly filings disclose no valuation or voting plan, leaving shareholders without details to judge how a deal could affect ownership.
Tesla assigned the review to directors it describes as "disinterested," who may consider a combination among options for closer ties. A transaction would need their committee’s recommendation and any required shareholder approval, Tesla said, while cautioning that a deal may not happen. SpaceX said its committee had not made a determination; a transaction would also require approval from the committee, the board and a controlling shareholder.
SpaceX CEO Elon Musk said on an Oct. 20 earnings call that he supported a combination but could not take part in committee discussions because of a conflict. He described a Tesla shareholder vote as requiring support from holders of 50% of all shares. The quarterly filings do not specify a voting threshold.
A combined company would bring together businesses that span electric vehicles, energy storage, space launches, satellite connectivity and artificial intelligence. Tesla’s filing also describes work on autonomy, Robotaxi services and robotics. SpaceX’s operations span launch and space services, satellite connectivity, and AI infrastructure and products including Grok, Cursor and X.
SpaceX’s SEC offering document lists collaborations with Tesla on Macrohard and Terafab. It says the projects are at an early stage, with commercial arrangements and intellectual-property rights still to be worked out.
SpaceX reported $14.575 billion in revenue and $4.404 billion in net income for the quarter ended Sept. 30, 2026. A year earlier, it reported $5.576 billion in revenue and a $1.054 billion net loss. Super Intelligence generated $7.560 billion in revenue and $431 million in operating income; Connectivity posted $5.248 billion in revenue and $2.367 billion in operating income. The Space segment had $1.767 billion in revenue and a $7 million operating loss. SpaceX’s capital expenditures totaled $19.593 billion, including $16.444 billion for Super Intelligence.
Tesla reported that its SpaceX investment was worth $2.865 billion as of Sept. 30 and said it does not control SpaceX. The filings give no relative valuations, exchange ratio, financing plan or structure for voting in a combined company. SpaceX’s offering document describes Class B shares as carrying 10 times the voting weight of Class A shares and projected that Musk would hold a majority of votes after the offering. Its latest quarterly filing gives no current voting-power percentage.
Neither company’s filing gives a timetable for a committee recommendation or shareholder vote.
