If Tesla and SpaceX ultimately merge, Elon Musk could soon control one of the largest corporate Bitcoin holdings on the public market, according to reports surrounding ongoing internal discussions about a merger between the two companies.
CNBC reported Tuesday that Musk has discussed the possibility of combining Tesla and SpaceX with colleagues, citing people familiar with the discussions. A current Tesla employee told CNBC that many at the electric car company have long expected such a deal to eventually materialize, and that the possibility has been openly discussed within the company.
Another person close to the company said growing overlap between businesses, particularly around power infrastructure and computing constraints related to artificial intelligence, has led to increased collaboration between the companies.
The potential merger would also create one of the world’s largest corporate Bitcoin vaults.
Tesla currently holds 11,509 Bitcoin, while SpaceX holds 18,712 Bitcoin, according to public information and blockchain financial tracking data. Together, the two companies will control 30,221 Bitcoins worth approximately $3.3 billion at current prices.
Combined, this would make the combined company the world’s fifth-largest Bitcoin holder.
Only Michael Saylor Strategy (MSTR), Bitcoin investment firm Twenty One Capital (XXI), Jack Mallards’ Bitcoin-focused venture firm and Bitcoin mining companies Metaplanet and Marathon Digital Holdings (MARA) come next in total holdings.
SpaceX also received a private market valuation of about $1.25 trillion earlier this year after its merger with Musk’s artificial intelligence company xAI, and is expected to start trading on the Nasdaq next month.
The Tesla-SpaceX merger will further strengthen Musk’s growing network of interconnect technology businesses that span electric vehicles, aerospace, artificial intelligence, payments and communications infrastructure.
Neither Tesla nor SpaceX have officially acknowledged the merger plan.
Tesla first revealed its Bitcoin purchases in 2021, briefly accepting the cryptocurrency as payment for its vehicles before suspending the option due to environmental concerns associated with Bitcoin mining. Musk remains one of the most influential public figures in the crypto market, often moving prices through his comments on Bitcoin and Dogecoin (DOGE).
