SpaceX and Tesla Discuss Merger with Bitcoin Reserves Worth $2.1 Billion

SpaceX and Tesla are discussing a possible merger, which could be announced as early as December 2026. According to Bloomberg on November 12, the companies' boards and advisors are coordinating the terms of the deal and the management system of the future structure. The announcement could also be postponed to early 2027. A final agreement has not yet been reached.

Negotiations are at a preliminary stage

Elon Musk called the merger of the companies a good idea in October. In the quarterly reports, SpaceX and Tesla reported the creation of special board committees to evaluate the potential deal. However, SpaceX explicitly stated that its committee has not yet made a decision. The merger will require necessary corporate approvals, and in the case of Tesla, shareholder approval as well.

The companies jointly own 30,221 BTC

According to the report for the III quarter of 2026, SpaceX held 18,712 BTC, and Tesla held 11,509 BTC. The total amount is 30,221 BTC, or about $2.09 billion at a Bitcoin price of $69,000. Both companies maintained these reserves at the level of the end of 2025. Their combined market valuation before the deal is about $3.4 trillion, so the share of bitcoins is approximately 0.06% of this amount.

The merger would consolidate the existing crypto reserves within a single corporate group but would not imply the purchase of new coins. The companies have not announced plans to increase their BTC reserves or allocate them for future projects. Therefore, the news of the negotiations does not indicate additional demand for Bitcoin.

What could hinder the merger

According to Bloomberg, the parties are discussing not only the financial terms but also the management of the combined business. Additional complexities are related to Tesla's manufacturing operations in China and SpaceX's government and defense contracts in the U.S. Until the deal structure is agreed upon and necessary approvals are obtained, the merger remains only a possible scenario.