Musk says Tesla and SpaceX boards set up special committees to discuss merger

Wallstreetcn

Musk plans to integrate SpaceX and Tesla to build a full-stack AI empire

Wall Street See News compiled SpaceX's quarterly data and expansion plans, stating that its third-quarter revenue was $14.6 billion, up 161% year-over-year, and that it recorded positive operating profit for the first time. The article says SpaceX brings about 220,000 NVIDIA GB300 chips online per month and plans to build its own gas turbines for power supply; Musk has confirmed that special committees of independent directors at SpaceX and Tesla are discussing a merger. The article also mentions that SpaceX's third-quarter free cash flow was about negative $10 billion, with capital expenditure reaching $19.6 billion.

Leiphone

Unitree releases humanoid robot H2-X: can lift a car bare-handed, land from 4 meters high, battery life about 8 hours

Unitree Technology releases its new humanoid robot "H2-X Kung Fu Legend Guardian". Official video shows its maximum battery life is about 8 hours; it can lift the front of a car bare-handed, jump down from a 4-meter-high platform and roll to a stable stance, and kick a car door dented. The video also demonstrates scenes of pushing away a car about to hit a person and protecting its owner. Media infer that it targets fields such as emergency rescue and security protection.

The Verge AI

SpaceX and Tesla Form Special Committee to Discuss Merger

SpaceX and Tesla have formed a special committee to discuss a merger. On SpaceX's earnings call, Musk said a merger of the two companies would have "many benefits," citing the rationale of collaborating on superintelligent software. SpaceX's third-quarter AI-related revenue reached $7.56 billion, of which Cursor contributed $608 million, most of it from renting out compute to Anthropic and Google; Tesla's profit fell for a second consecutive quarter over the same period. The article also examines the merger's impact on Musk's voting rights, compensation milestones, and the shareholder litigation environment.

36Kr · AI

Tesla's Q3 profit plunges 40%, Musk doubles down on AI and robotics investment

In Q3 2026, Tesla's GAAP net income was $787 million, down 43% year-over-year; operating income was $718 million, down 56% year-over-year; and operating margin fell from 5.8% to 2.6%. The main reasons were R&D expenses rising 69% to $2.76 billion and capital expenditures increasing 110% to $4.732 billion, with funds directed toward AI, the Optimus humanoid robot, and the Cybercab robotaxi. FSD's global active paid users reached 1.74 million, and Robotaxi's cumulative unsupervised driving mileage approached 2 million miles. Musk said that Robotaxi's actual contribution to financial reports will not become apparent until after the second quarter of 2027.

Fortune Tech

Tesla and SpaceX in talks over a $3.5 trillion merger

Independent directors of Tesla and SpaceX have formed a special committee to discuss a possible merger of the two companies, and Musk said the two sides have not reached any agreement on the terms of a deal. The combined entity would have a market value of about $3.5 trillion, with SpaceX at about $2 trillion and Tesla at nearly $1.5 trillion, and Musk would hold about one-third. Musk mentioned that the two sides could collaborate on AI software, chip design, robotics, connectivity technology, and the jointly built Terafab chip factory; SpaceX this week reported its first operating profit since going public, with third-quarter revenue up 161% to $14.58 billion, and AI business revenue nearly tripling from the second-quarter level to $7.56 billion, surpassing Starlink's $5.25 billion for the first time.

Fortune Tech

Musk's merger dream is a nightmare for SpaceX shareholders

SpaceX and Tesla have each established special committees composed of independent directors to explore a merger between the two companies; after the news was announced, Tesla's stock rose 3.4% and SpaceX rose 7.8%, adding $155 billion in market value. At a 30% premium, SpaceX would need to pay about $1.98 trillion to acquire Tesla and issue new shares equivalent to 92% of its existing share capital, increasing its shares from 13.1 billion to 25 billion. Tesla's GAAP net profit over the past four quarters was only $3.28 billion, while SpaceX lost $1.5 billion over the same period; after the merger, SpaceX shareholders would give up nearly half of future earnings.

Huxiu

Tesla's Q3 operating profit halves to $720 million; Musk leans on SpaceX merger to support valuation

Tesla delivered 486,500 vehicles in Q3 2026, down 2.1% year-on-year, with revenue flat at $28.05 billion, operating profit halved to $720 million, and R&D expenses up 69% to $2.76 billion. Musk confirmed that the Tesla and SpaceX boards have each established special committees to evaluate a merger, with the two companies valued at a combined approximately $3.5 trillion; the deal requires approval from more than half of Tesla shareholders. BYD's pure electric sales in the first three quarters were 1.63 million vehicles, leading Tesla by more than 300,000, with automotive gross margin of 22.3%, higher than Tesla's 18.1% excluding carbon credits.

Rohan PaulSelected

WSJ Reports Musk Plans to Merge SpaceX and Tesla Around AI

The Wall Street Journal reports that Musk wants to merge the $2 trillion rocket company SpaceX with the $1.5 trillion automaker Tesla around AI. SpaceX's AI business has become its largest business, with third-quarter revenue of $7.56 billion, up from $813 million in the same period last year; of the quarter's $19.6 billion in capital expenditure, more than $16.4 billion went to AI. This growth turned SpaceX's $1.05 billion loss in the quarter into a $4.4 billion profit, giving it the financial scale to absorb Tesla. The AI logic behind the merger is to use Tesla's robotaxi and Optimus robots as the front end, with SpaceX's data centers and satellite links as the infrastructure they depend on.

Yicai

Tech stocks rally, Dow jumps over 300 points; Musk ignites AI trade, Meta earnings lift shares over 3% after hours

U.S. stocks rose across the board on Wednesday, with the Dow gaining 360.21 points to close at 52,856.09, as improved results from SpaceX and Super Micro Computer boosted demand for AI-related stocks. Meta reported third-quarter revenue of $64.6 billion and earnings per share of $3.83, both beating expectations, and forecast full-year capital expenditures of $135 billion to $145 billion; its shares rose more than 3% after hours. Tesla delivered 486,532 vehicles in the third quarter, beating expectations, and free cash flow turned positive at $1.53 billion, sending its shares up 3.41%.

East Money

Tesla Q3 Earnings: Revenue $28.05 Billion, Doubling Down on AI and Optimus Robots

Tesla released its third-quarter earnings report, with revenue of $28.05 billion, down 0.2% year-over-year, and adjusted earnings per share of $0.48, beating expectations, while automotive revenue fell 3% year-over-year to $20.56 billion. The company lowered its full-year capital expenditure forecast from $25 billion to $20 billion, with the funds going toward the Optimus production line, AI computing, the Cybercab production line, and the Terafab chip factory in partnership with SpaceX. Tesla said Optimus has begun production at the Fremont factory, and Musk expects it will take at least a year to reach the goal of producing 1 million units per year, and plans to achieve 400 megawatts of AI training compute by the end of the year.

The Elec

SpaceXAI's third-quarter revenue was $14.58 billion, with AI business revenue at $7.56 billion

SpaceXAI reported third-quarter revenue of $14.58 billion and adjusted earnings per share of $0.45, both exceeding market expectations, with the stock rising as much as 8.37% after hours. Revenue from its AI business Super Intelligence was $7.56 billion, accounting for more than half of total revenue, with operating profit of $431 million, turning positive from an operating loss of $1.722 billion in the same period last year; the connectivity business including Starlink had revenue of $5.248 billion and operating profit of $2.367 billion. Musk said on the earnings call that merging with Tesla is a "good idea," but said the boards of both companies have established an independent director special committee at shareholders' request, and the deal ultimately needs support from a majority of Tesla shares.

Cailian Press

Tesla Q3 revenue $28.05 billion, capital expenditure $4.73 billion far below expectations

Tesla's third-quarter revenue was $28.05 billion, down 0.2% year over year, with adjusted earnings per share of $0.48 beating the expected $0.44; capital expenditure was $4.73 billion, far below the estimated $7.95 billion, and the full-year capital expenditure forecast was cut from $25 billion to $20 billion. The funds will go toward the Optimus production line, AI computing, the Cybercab production line, and the Terafab chip factory in partnership with SpaceX. Optimus has begun production at the Fremont factory, and Musk said reaching an annual output of 1 million units may take a year or longer. Tesla plans to achieve 400 megawatts of AI training compute by the end of the year, and active FSD subscribers have risen to 1.74 million.

The Guardian Technology

After Musk floated a SpaceX merger idea, Tesla's third-quarter results beat expectations

Tesla reported third-quarter revenue of $28.05bn and earnings per share of $0.48, beating Wall Street expectations of $27.9bn and $0.43. On the earnings call, Musk said that on a potential merger with SpaceX, "everything that needed to be said was said yesterday"; the two companies' boards have set up special committees to explore a deal, but no agreement has been reached on terms, and the transaction would require approval from 50% of Tesla shareholders. Automotive business revenue fell 3% year on year in the quarter, and total revenue was also slightly below the previous quarter's $28.23bn.

HuxiuSelected

SpaceX and Tesla Discuss Merger, Valued at About $3.5 Trillion

SpaceX's third-quarter revenue was $14.6 billion and net profit was $4.4 billion; AI and computing power business revenue was $7.56 billion, up more than ninefold year-on-year, surpassing the connectivity business for the first time. Musk confirmed that SpaceX and Tesla have each established independent special committees of the board of directors to discuss a merger, with a merger valuation of about $3.5 trillion. The article points out that Tesla's free cash flow is negative, and that the merger would change the financing method and capital allocation authority, and the transaction would also need to pass antitrust, national security and foreign investment reviews.

WallstreetcnSelected

SpaceX and Tesla discuss merger, valuation about $3.5 trillion

SpaceX and Tesla have each established special committees composed of independent directors to discuss a possible merger, with the combined valuation of the two companies at about $3.5 trillion. SpaceX's third-quarter revenue was $14.6 billion, up 161% year over year, with net profit of $4.4 billion, of which AI and computing business revenue was $7.56 billion, surpassing the connectivity business for the first time. The article also outlines the cash flow situation of both sides, the voting rights structure of Musk in the merged company, and obstacles to completion such as antitrust and national security reviews.

Rohan Paul

Musk discusses the possibility of a SpaceX-Tesla merger on the earnings call

On the earnings call, Musk responded to the possibility of a SpaceX-Tesla merger, confirming that both companies have independent special committees evaluating the merger. He personally believes that merging the two companies would make sense for superintelligent software, chips, Terrafab, robotics, and the Starlink business, but the merger is not guaranteed and requires the high threshold of a 50% affirmative vote of all Tesla shares.

Analytics India MagazineSelected

Tesla and SpaceX Form Independent Committees to Explore Merger; Musk Expresses Support

On SpaceX's third-quarter earnings call, Musk said Tesla and SpaceX have each formed independent committees to explore a potential merger, and that he personally supports the idea, citing opportunities in AI, chip design, robotics, and connectivity technology. The two companies have not reached agreement on transaction terms, and the merger remains uncertain; Musk said the committees are composed of independent directors and that the evaluation process does not involve him, in order to avoid conflicts of interest arising from his financial interests in both companies. If the transaction proceeds, Tesla would need voting support representing 50% of all shares, not just a majority of votes cast. SpaceX's third-quarter revenue was about $14.6 billion, up 161% year over year, with net profit of $4.4 billion, and the AI business contributed significantly to growth; the two companies' joint chip manufacturing project Terafab is expected to produce its first test chip around May or June 2027, with a target of mass production in the third quarter of 2028. Reuters, citing people familiar with the matter, said the talks could also lead to SpaceX acquiring Tesla, but neither company has confirmed the transaction structure or valuation.

CTech

SpaceX's Q3 AI revenue was $7.56 billion; Musk confirms discussions with Tesla about a merger

Musk confirmed that SpaceX and Tesla have established independent board committees to evaluate a potential merger. He himself is not participating in the discussions due to a conflict of interest, and said a merger is "a good idea." SpaceX's Q3 revenue rose 161% year over year to $14.58 billion, with net profit of $4.4 billion. Its AI business revenue increased to $7.56 billion, mainly from renting computing power to developers such as Anthropic, Alphabet and Reflection AI. Capital expenditure rose to $19.6 billion in the same period, and the CFO expects spending in the fourth quarter to be between $35 billion and $40 billion.

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