Tesla and SpaceX are officially studying a possible merger. Elon Musk confirmed that the two companies have formed special committees of independent directors to review the transaction. No agreement has yet been reached. For bitcoin, the merger would have an immediate consequence on paper: the two groups together hold 30,221 BTC, with 18,712 bitcoins at SpaceX and 11,509 at Tesla.
In brief
- Tesla and SpaceX have created independent committees to study a merger.
- The two companies together hold 30,221 BTC.
- No pricing, timing or transaction structure has yet been set.
Tesla and SpaceX officially put merger on the table
This is no longer just analyst speculation. During SpaceX’s earnings release, Elon Musk confirmed that committees made up of independent directors from both companies are now reviewing a possible merger.
The manager had recently seen Tesla keep its 11,509 BTC despite the market decline. Musk says he is in favor of the merger. However, he does not participate directly in committee discussions due to his position in both companies.
No terms were publicly negotiated. The merger would also require shareholder approval. For Tesla, Musk cited a particularly high threshold: approval from holders representing 50% of all outstanding shares, not just 50% of votes cast.
The operation is therefore studied. It is not yet decided. The two companies already collaborate in several areas, including semiconductors, artificial intelligence, robotics and certain connectivity technologies.
30,221 bitcoins gathered in the same group
The crypto part of the equation is easy to calculate. SpaceX holds 18,712 BTC. This figure appeared in regulatory documents published during its IPO. At the time, the company revealed a Bitcoin reserve well above on-chain estimates.
Tesla for its part owns 11,509 BTC. Total: 30,221 BTC. Priced at around $82,700, this set was worth almost $2.5 billion.
A merger would therefore place the two reserves under the same economic group. This does not necessarily mean that all bitcoins would be moved to a single address or immediately consolidated into a single treasury.
The strategies of the two companies were also different. Tesla purchased $1.5 billion worth of Bitcoin in 2021 before selling a large portion of its position in 2022. Its remaining 11,509 BTC have barely moved since.
SpaceX also reduced its bitcoins compared to its historical positions, but its financial documents confirmed that it still held 18,712 BTC in 2026. For Musk, bitcoin therefore still represents several billion dollars divided between his two largest companies.
A merger worth more than $3,000 billion remains far from certain
The operation would go far beyond the sole question of Bitcoin. SpaceX is currently worth more than $2 trillion on the stock market, while Tesla is approaching $1.5 trillion based on market valuations reported this week. A combination could therefore give rise to a group worth around $3.5 trillion.
SpaceX is also arriving with strong growth activity. Its third-quarter revenue reached $14.58 billion, up 161% year-on-year, for $4.4 billion in net profit.
The tie-up could bring together rockets, Starlink, electric cars, robots, AI and semiconductors under a more integrated structure. Bitcoin would make up a small part of the total balance sheet, but a very visible part.
Both companies are already among the large technology companies with direct exposure to BTC. However, several obstacles remain in the way of a possible transaction: shareholder approval, respective valuation of the two companies, regulation and management of conflicts of interest linked to Musk. The independent committees have only just begun their work. For now, the 30,221 BTC is very real. Their meeting in a single company remains hypothetical.
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