Musk says SpaceX-Tesla merger is 'a good idea' as companies form deal committees

Business Recorder reported that Elon Musk confirmed SpaceX and Tesla have formed independent committees to consider a possible merger, describing the idea as worthwhile. He said the committees had not settled on terms and could decide against a transaction; shareholders would also need to approve any deal.

The news came alongside SpaceX’s first reported quarterly profit as a public company: revenue rose 161% year over year to $14.58 billion for the quarter ended September 30, while net income was $4.4 billion. AI revenue reached $7.56 billion, but capital expenditure nearly tripled to $19.6 billion. Musk also said the companies’ chip-making venture aims to begin volume production in the third quarter of 2028.