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Musk Confirms: SpaceX and Tesla Boards Each Form Special Committees to Review Potential Merger
Speaking on SpaceX's Q3 earnings call, Elon Musk confirmed both companies' boards have formed special committees of independent directors to review a potential merger at shareholders' request — while cautioning the deal is far from certain.
Why it matters
On Tuesday, October 20, 2026, Elon Musk confirmed on SpaceX's third-quarter earnings call that the boards of SpaceX and Tesla have each formed special committees of independent directors to review a potential merger of the two companies, at shareholders' request.
Musk said he supports a combination — the companies could collaborate deeply on superintelligence software, chip design, the Tesla-SpaceX Terafab semiconductor project, robotics, and the mass-to-orbit capability behind the Starlink constellation. But he cautioned that the merger should not be treated as a done deal, describing it as "a weird kabuki dance": two groups talking while he, conflicted, cannot take part.
Full report
Earnings figures were disclosed alongside: SpaceX posted Q3 net profit of $4.4 billion, with revenue more than doubling year over year; contracted backlog stands at roughly $63 billion. (Dow Jones Tech Roundup, Oct. 20, 5:42 p.m. ET)
The bar on Tesla's side is high: a merger would need approval from more than half of ALL shareholders, not just a majority of those voting — what Musk called "quite a high bar." Markets reacted positively: Tesla shares (TSLA) closed up 1.73% at $380.45, while SpaceX stock (SPCX) rose about 8% after hours.
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