SpaceX-Tesla Merger Talks Advance, Would Consolidate 30,221 Bitcoin

SpaceX and Tesla are in advanced talks to merge, a deal that would put 30,221 bitcoin, worth about $2.1 billion, on a single balance sheet, Bloomberg reported Thursday.

The two companies could announce an agreement as soon as December, according to Bloomberg, which cited people familiar with the matter. The announcement could also slip into early 2027. The boards and their advisers are working through deal terms and governance of a combined company. No agreement has been signed, and neither company has publicly commented.

The merger would bring together SpaceX's rockets, satellites and artificial intelligence operations with Tesla's electric vehicles, energy storage and robotics. SpaceX is valued at more than $1.9 trillion following its June IPO, and Tesla at about $1.5 trillion, for a combined value of roughly $3.4 trillion.

The bitcoin holdings would be a small part of that. SpaceX held 18,712 bitcoin as of September 30, and Tesla held 11,509, according to their quarterly filings with the SEC. Both balances were unchanged from December 2025. The combined 30,221 bitcoin were bought for about $1.05 billion, or roughly $34,650 per coin on average, leaving an unrealized gain of about $1.04 billion at Friday's price near $69,000. That is about 0.06% of the combined market value.

A merger by itself would not require either company to buy or sell bitcoin. Under an all-stock structure, the coins would simply move onto one balance sheet. What would change is who decides about them: one board instead of two.

The talks face hurdles. Bloomberg reported that ring-fencing Tesla's Chinese manufacturing operations from SpaceX's U.S. defense work is a core issue. Musk owns about 20% of Tesla but controls more than 80% of SpaceX's voting power, making Tesla shareholder approval the harder step. JPMorgan analysts identified the tension between SpaceX's defense work and Tesla's China exposure as a key factor for regulators and shareholders.

Musk first confirmed the process on SpaceX's October 20 earnings call, saying both boards had formed special committees of independent directors. He said he thought it would be a good idea but that it was really up to the special committees of both companies, according to Reuters. He added that the committees had not agreed on terms and might never do so.

Tesla's annual shareholder meeting is scheduled for December 3. None of the three proposals on that ballot is a merger vote, so any deal would need shareholder approval at a later meeting.

The political backdrop has also shifted. Democrats won control of both chambers of Congress in the November 3 midterm elections, with the new Congress convening in January 2027. An announcement in December would make the terms public before then.

For bitcoin, the story is mainly about concentration and visibility. One of the world's most valuable companies would carry a bitcoin position worth billions of dollars. The value of SpaceX's holding has already dropped over the past six weeks: at $69,000, its 18,712 bitcoin are worth about $1.29 billion, roughly $280 million less than the $1.573 billion fair value it reported for September 30.