SpaceX’s public financial filings suggest that much of its future revenue could come from orbital data centers supporting artificial intelligence computing on Earth. Tesla’s growth strategy centers on autonomous vehicles, robots, and industrial hardware. Both companies depend on advanced chips and substantial energy resources, while SpaceX could supply connectivity for Tesla products.
Beyond the strategic fit, a merger would offer Musk greater control over the combined business. As the world’s richest person and first trillionaire, he already wields considerable influence over both companies.
According to documents filed in connection with SpaceX’s IPO, Musk controls more than 82 percent of the company’s voting power. At Tesla, he holds roughly 20 percent. Combining the companies could give him a majority of the voting shares in the merged entity, depending on their valuations and the terms negotiated at the time.
When Musk announced the idea, SpaceX and Tesla were valued at approximately $2 trillion and $1.5 trillion, respectively.
Regulatory scrutiny ahead
The proposed merger would face close examination from U.S. regulators. Morningstar also reported earlier this year that significant valuation disagreements are likely, particularly among Tesla shareholders. Musk said Tuesday that the merger would require approval from 50 percent of all Tesla shareholders, including those who hold non-voting shares. A shareholder vote would take place only if independent special committees agreed on the terms.
Political leaders concerned about Musk’s extensive power and his frequent use of it may also object to the creation of a single corporate empire spanning SpaceX and Tesla.
The merger’s effects on SpaceX’s core spaceflight business and long-term goal of establishing a human presence on Mars remain unclear. It could also reshape Tesla’s broader effort to bring electric vehicles into the global mainstream. A combined company would likely place greater emphasis on artificial intelligence and the computing infrastructure needed to support it, with less focus on Mars and automobiles and more on silicon.
