Tesla · SpaceX · 13 Nov 2026
Bloomberg says SpaceX and Tesla talks have moved to terms, with a December announcement possible (as of 12 Nov 2026)
Bloomberg reported on Thursday, 12 Nov 2026, that SpaceX and Tesla boards and their advisers are now working through deal terms and how the combined company would be governed. People familiar with the talks told Bloomberg an announcement could come as soon as December, or slip into early 2027. Neither company has confirmed this. At Thursday's closing prices, a straight swap with no premium works out to about 2.84 SPCX shares for each TSLA share. That figure is my calculation, not a reported term.
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The editor holds Tesla and SpaceX shares. Supercharged Daily is independent and not affiliated with either company. Nothing here is financial advice.
The editor holds Tesla and SpaceX shares. Supercharged Daily is independent and not affiliated with either company. Nothing here is financial advice.
Elon Musk on a possible SpaceX–Tesla merger:
— X Freeze (@XFreeze) October 20, 2026
"Do I think it would be a good idea? Yes"
Both SpaceX and Tesla have formed special committees of independent directors to discuss the idea, at the request of shareholders
Because he's a conflicted party, Elon can't take part in those discussions
"Some people out there assume that a SpaceX and Tesla merger is a certainty, and I think that would be overstating it"
"The special committees have not reached agreement on the terms of any transaction. And obviously there's no guarantee that they will"
On the Tesla side, it would need a 50% vote of all shares, not just those who vote. That's a high hurdle
So why does Elon support it?
"I do think there's a lot of merit to combining the companies as we are pretty much in the super intelligence singularity"
"There's a lot to be gained from cooperating on developing super intelligence software, chip design, the Terafab, obviously robotics, mass to orbit with the Starmind constellation. Connectivity"
Next, the special committees of both companies have to agree on terms, and then it goes to a shareholder vote
What Bloomberg reported
The Bloomberg story, by Dinesh Nair, went out at 3:22 p.m. ET on Thursday, 12 Nov 2026 (12:22 p.m. PT; 8:22 p.m. UTC). It says the two companies "are progressing in their merger negotiations" and could announce "what would be the biggest-ever deal as soon as in December." The same sources said the companies have also talked about an announcement slipping "into early 2027." Their boards and advisers "are hammering out the terms of the tie-up and governance structure of the combined entity." All of this comes from unnamed people familiar with the talks, who asked not to be identified because the discussions are private. Reuters said it couldn't immediately reach either company for comment. Neither Tesla nor SpaceX has confirmed the report.
On the 20 Oct SpaceX call, Musk said the committees "have not reached agreement on the terms of any transaction." Bloomberg's sources now describe those terms as under negotiation. Two complications came up in the coverage. One is how to keep Tesla's China business apart from SpaceX's government and defense contracts. The other is politics, because Democrats did well in the midterms and many of them campaigned on reining in Musk's companies, as The Verge summed up Bloomberg's piece.
Done so far, and still to come
| Date | What happened | Status |
|---|---|---|
| 14 Oct 2026 | Barclays note treats a combination as its base case (my write-up) | Analyst view |
| 20 Oct 2026 | Musk on SpaceX's Q3 call: "Do I think it would be a good idea? Yes." Both boards have special committees, and he is a conflicted party | Said on a call |
| 21–22 Oct 2026 | Tesla's 10-Q, accepted at 8:12 p.m. ET on 21 Oct and filed 22 Oct, confirms a special committee exploring ties with SpaceX, "including without limitation a business combination" (my write-up) | In an SEC filing |
| 22 Oct 2026 | SpaceX's own 10-Q lists "the evaluation of a potential combination with Tesla" among its risks | In an SEC filing |
| 12 Nov 2026 | Bloomberg: terms and governance under negotiation, announcement as soon as December or early 2027 | Unconfirmed report |
| Not yet | Signed agreement, exchange ratio, committee recommendation, shareholder votes, regulatory reviews | Nothing announced |
Tesla's 10-Q said any deal needs "the affirmative recommendation of the Special Committee and, if agreed upon, any necessary shareholder approval." Neither has happened, and neither company has published terms.
What a swap looks like at Thursday's prices
Bloomberg says the exchange ratio is one of the terms being negotiated. Nobody has published a number, so here is the arithmetic at Thursday's closes, 12 Nov 2026: TSLA at $397.45 and SPCX at $139.94. If Tesla holders got SpaceX stock worth exactly the TSLA price, each TSLA share would turn into about 2.84 SPCX shares. A premium raises that number.
| Premium to Tesla's 12 Nov close | SPCX shares per TSLA share |
|---|---|
| None | 2.84 |
| 10% | 3.12 |
| 20% | 3.41 |
| 30% | 3.69 |
My calculations from 12 Nov 2026 closing prices (Yahoo Finance). 397.45 ÷ 139.94 = 2.840, then +10% / +20% / +30%. These are scenarios, not reported terms. The real ratio could be set on different prices, include a discount instead of a premium, or use a structure other than a straight share swap.
Tesla moved more than SpaceX on the day. TSLA rose 1.69% on Thursday, from $390.84 to $397.45. SPCX gained 0.14%, from $139.75 to $139.94, and is about 3.7% above its $135 IPO price.
On size, the largest deal on Wikipedia's list of mergers and acquisitions is Vodafone's purchase of Mannesmann in 1999, listed at $183.0 billion. Chosun Biz, citing the Bloomberg figures published 12 Nov, puts Tesla's value at about $1.5 trillion as of that report. That's roughly eight times the old record, before you count SpaceX at all. I have not independently calculated Tesla's market cap here.
Tesla already owns a piece of SpaceX
Tesla put $2.0 billion into SpaceX stock in March, and its 10-Q valued that stake at $2.87 billion at the end of September. Whatever exchange ratio the committees settle on, Tesla's shares in SpaceX would have to be dealt with as part of it. I haven't seen any report on how.
My read
In October this was a committee and a "good idea" on a call, and Musk himself said agreement on terms would be overstating it. Bloomberg now says, through unnamed sources, that there are terms on the table and a possible month. December is close, and the fact that the sources also named early 2027 tells me the open questions haven't all been solved yet. As a holder of both stocks, I care most about the ratio and the governance of the combined company. Until there's a filing with numbers in it, the table above is just arithmetic. I'll update this page when either company says something official.
Background: Tesla's 10-Q committee, the Barclays base case and Musk's pay and control questions.
— Alex R
Sources: Bloomberg News via Bloomberg Law, Dinesh Nair (12 Nov 2026, 3:22 p.m. ET); Reuters via Investing.com (12 Nov 2026); The Verge (12 Nov 2026); Chosun Biz (13 Nov 2026), for Bloomberg's Tesla valuation figure; Tesla Q3 2026 Form 10-Q (accepted 8:12 p.m. ET 21 Oct 2026, filed 22 Oct 2026); @XFreeze clip of Musk (20 Oct 2026); Wikipedia, List of largest mergers and acquisitions; closing prices from Yahoo Finance. Exchange-ratio scenarios, day-move percentages and the IPO premium are my calculations. Hero photo: Alexander Hatley, CC BY 2.0, via Wikimedia Commons. Never Electrek.
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