SpaceX-Tesla merger talks are progressing, and a deal could be announced as early as December, Bloomberg reported Thursday. Combined, the two companies are worth roughly $3.5 trillion, enough to make it the largest corporate deal ever.
No terms are signed, and the deal could still slip into 2027. For Tesla shareholders, the question is the swap rate, meaning how many SpaceX shares each Tesla share would buy, and at what premium.
What Would Tesla and SpaceX Shareholders Get？
Bank of America analyst Alexander Perry expects SpaceX to buy Tesla with stock, not cash. At a 20% premium, he estimated Tesla holders would own about 47% of the combined company, using October 20 prices. A bigger premium shrinks SpaceX holders slice.
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Tesla stock traded at $393.65 and SpaceX at $140.33 as of this writing. One Tesla share equaled about 2.8 SpaceX shares before any premium.
Elon Musk keeps control either way. Barclays estimates he would hold about 56% of the combined voting power.
Why Teslas Own Rules Could Still Block the Merger
Musk controls more than 80% of SpaceXs votes. Tesla is harder, because its charter requires a majority of all outstanding shares. Investors who skip the vote count as a “no.”
In 2025, that rule sank a non-binding proposal on Tesla investing in xAI. It drew more votes for than against, but 473 million abstentions defeated it. Musk has cautioned against treating this deal as done.
“Some people out there assume that a SpaceX and Tesla merger is a certainty… I think that would be overstating it,” Musk said.
Bloomberg reported Musk wants the deal closed while President Donald Trump is in office. Democrats, however, won both chambers of Congress on November 3.
Perry named China, where Tesla builds about half its cars, the main regulatory risk, one of the Tesla-SpaceX merger hurdles a former Tesla director flagged.
Will Tesla Shareholders Vote on December 3？
No. Teslas December 3 annual meeting has no merger item on the ballot. Musk called the merger a good idea in October but recused himself.
Independent committees now set the pace, and any announcement would start the clock on a vote Teslas charter makes hard to win.