SpaceX-Tesla Deal Rumors Raise Fresh Questions Over Elon Musk’s Bitcoin Holdings

SpaceX and Tesla could soon combine their Bitcoin holdings in a potential merger that would place approximately 30,220 BTC, valued at around $2.1 billion, under a single corporate structure. Despite the substantial cryptocurrency reserves, the amount represents only a small share of the two companies’ estimated $3.4 trillion combined valuation.

Bloomberg reported Thursday that Elon Musk’s companies are exploring a merger announcement as early as December. People familiar with the matter said both boards and their advisers are discussing the transaction’s terms, organizational structure, and management plans. However, negotiations remain ongoing, meaning the announcement could be delayed until the beginning of 2027.

The potential agreement would consolidate Bitcoin reserves currently held separately by the two companies. SpaceX disclosed 18,712 BTC in its September quarterly filing, while Tesla reported 11,509 BTC. Both companies’ reported holdings remained unchanged from December 2025.

With Bitcoin trading near $69,000 on Friday, the combined reserves are worth approximately $2.1 billion. SpaceX’s valuation exceeds $1.9 trillion following its June IPO, while Tesla’s market capitalization stands at roughly $1.5 trillion. Together, their estimated value reaches approximately $3.4 trillion, making their Bitcoin exposure relatively small in comparison.

A merger would bring the existing Bitcoin reserves together without necessarily requiring either company to acquire additional coins. The transaction would therefore represent a consolidation of assets rather than a new investment commitment to Bitcoin.

The latest figures also differ from earlier estimates published by CoinDesk in January. At the time, publicly monitored wallet addresses indicated that the companies held nearly 20,000 BTC combined, with around 8,285 BTC attributed to SpaceX. Subsequent financial disclosures revealed that SpaceX’s actual reported balance stood at 18,712 BTC by the end of 2025. The higher estimate reflects improved visibility into its holdings rather than additional purchases.

Artificial intelligence reportedly plays a central role in the proposed merger. Bloomberg indicated that Musk is exploring ways to bring together the companies’ capabilities in space technology, autonomous vehicles, and humanoid robotics as part of a broader technological strategy.

However, the combination could face considerable operational and regulatory hurdles. One of the biggest concerns involves preserving a separation between Tesla’s extensive manufacturing operations in China and SpaceX’s sensitive U.S. government and defense-related business.

Tesla has formed an independent board committee to examine the proposed transaction. According to its regulatory filing, the merger would require the committee’s recommendation and any necessary shareholder approval.

The potential deal is attracting attention ahead of Tesla’s December 3 annual shareholder meeting. Investors may look to the meeting for additional information about the company’s position and the possible timeline for the proposed merger.