Elon Musk could emerge as a top-five corporate bitcoin holder through a combined Tesla and SpaceX entity.

Elon Musk may be on track to control one of the largest corporate bitcoin holdings if a proposed combination of Tesla and SpaceX comes to fruition, according to reports of internal discussions.

CNBC reported that Musk has explored the idea of merging the two companies, a move that would more closely align his portfolio of businesses while significantly expanding their combined bitcoin exposure. Sources familiar with the matter said the concept has been discussed internally, with some Tesla employees viewing it as a logical step given the growing operational overlap between the firms.

That overlap has reportedly increased in areas such as energy systems, advanced computing and artificial intelligence, where both Tesla and SpaceX face similar infrastructure challenges. A merger could streamline these efforts while consolidating resources across Musk’s broader ecosystem.

From a financial perspective, the combined entity would hold a substantial bitcoin treasury. Tesla currently owns 11,509 bitcoin, while SpaceX holds 18,712 bitcoin, based on available disclosures and blockchain tracking data. Together, that amounts to 30,221 bitcoin, valued at approximately $3.3 billion at current market levels.

Such a position would place the merged company among the largest public corporate holders of bitcoin, ranking fifth globally behind a small group of major players in the space.

Separately, SpaceX is reportedly preparing for a public listing, with expectations of a Nasdaq debut following a private valuation of about $1.25 trillion earlier this year after merging with Musk’s artificial intelligence venture, xAI.

A potential merger would further integrate Musk’s network of companies across electric vehicles, aerospace, AI and digital infrastructure, reinforcing a strategy centered on building interconnected technology platforms.

Neither Tesla nor SpaceX has publicly confirmed any plans for a merger.

Tesla first disclosed its bitcoin holdings in 2021 and briefly accepted the cryptocurrency as a payment method before suspending it due to environmental concerns linked to mining. Musk has since remained a prominent figure in crypto markets, with his commentary often influencing sentiment around bitcoin and other digital assets.