Elon Musk has publicly endorsed a potential merger between Tesla and SpaceX, a combination that would consolidate 30,221 BTC worth approximately $2.54 billion. During SpaceX’s third-quarter earnings call, Musk acknowledged serious shareholder hurdles while outlining the advantages of joining his companies.
Musk Calls Merger Talks an ‘Odd Kabuki Dance’
Speaking during the Oct. 20 earnings call, Musk confirmed that special committees comprising independent directors from both companies had begun examining the proposal following shareholder requests. Because Musk holds substantial ownership stakes and executive positions at both companies, he cannot participate directly in the negotiations. He described the arrangement as an “odd kabuki dance” involving two groups of directors discussing a transaction without him.
“Do I think it would be a good idea? Yes,” Musk said, before cautioning that a combination is far from certain. The Tesla chief also identified a particularly difficult obstacle: securing approval from 50% of all Tesla shares outstanding, rather than merely a majority of votes cast. “And obviously, there’s no guarantee that they will,” Musk said of the committees reaching an agreement. Still, Musk sees considerable advantages in combining artificial intelligence, chip manufacturing, robotics, orbital infrastructure, and connectivity into one corporate operation.
A $2.54 Billion Bitcoin Treasury in the Making
The proposed combination would also unite two substantial bitcoin holdings. SpaceX controls approximately 18,712 BTC, while Tesla holds another 11,509 BTC, bringing their combined potential treasury to 30,221 BTC. At bitcoin prices over $84,000 on Wednesday, those holdings would command approximately $2.54 billion, potentially establishing the world’s sixth-largest publicly traded corporate bitcoin treasury.
Their combined acquisition cost stands near $1.05 billion, translating into over $1.4 billion in unrealized gains. Neither company has disclosed significant recent bitcoin purchases or sales. Consequently, a merger would consolidate existing holdings rather than represent fresh demand for the cryptocurrency.
SpaceX’s Blockbuster Quarter Adds Fuel to Merger Speculation
The merger discussion followed an exceptional quarter for SpaceX, which reported $14.6 billion in revenue, up 161% year over year. Net income reached $4.4 billion, while adjusted earnings before interest, taxes, depreciation, and amortization totaled $8.8 billion. Its AI operations generated $7.6 billion, and Starlink finished the quarter with 13.6 million consumer subscribers.
Musk also expressed extraordinary confidence in the company’s computing ambitions. “I think we’re going to face a shortage of super intelligence compute. And that shortage is going to remain for a long time,” he told analysts. His personal fortune has been similarly eventful. After previously crossing the $1 trillion threshold, Musk’s estimated wealth stood near $993 billion on Oct. 21, according to Forbes.
Musk’s Five-Year Bitcoin Payment Promise Still Hangs in the Air
Tesla stopped accepting bitcoin payments in May 2021, with Musk pledging to reconsider once bitcoin mining achieved approximately 50% clean-energy usage alongside an improving trend. Cambridge University’s 2025 mining research estimated sustainable electricity sources accounted for 52.4% of surveyed mining operations, exceeding Musk’s numerical benchmark.
Yet Tesla still doesn’t accept bitcoin for vehicles, and SpaceX hasn’t introduced the cryptocurrency as a payment option for its services. A merger would therefore create a corporate heavyweight holding billions in bitcoin without accepting it from customers. Musk has now publicly backed combining his companies, but his five-year-old bitcoin payment pledge remains conspicuously unanswered.
