SpaceX says Tesla merger needs Musk’s approval, discloses megapack purchases
Article excerpt
SpaceX SPCX said Thursday that any merger with Tesla TSLA would require approval from Elon Musk, who controls the rocket and artificial intelligence company, even as both companies have established independent committees to evaluate a potential combination. In its quarterly regulatory filing, SpaceX SPCX said its special committee hasn't reached a decision on a merger. Any agreement would need the endorsement of the committee, the company's board and its controlling shareholder. Musk has stepped aside from negotiations because of his interests in both companies. "Because I'm a conflicted party, I can't actually be in the discussions of the special committees," Musk said during SpaceX's SPCX quarterly earnings call. The disclosure highlights a central challenge in a potential merger valued at approximately $3.5 trillion: protecting the interests of shareholders in two publicly traded companies dominated by the same billionaire. Investors are likely to scrutinize how the businesses are valued, the ownership stakes they would receive and whether independent directors can negotiate terms without undue influence from Musk. Musk, who owns nearly 20% of Tesla TSLA and controls voting rights at SpaceX SPCX, said Tuesday that combining the companies would be a good idea. However, his public endorsement has raised concerns among some people involved in the discussions that...
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SpaceX SPCX disclosed that it purchased $151 million of Tesla TSLA Megapack energy-storage products during the third quarter, bringing purchases during the first nine months of 2026 to $480 million.
