Elon Musk’s potential SpaceX-Tesla merger could consolidate nearly $2.1 billion in Bitcoin holdings under a single corporate structure. The combined BTC reserves would total approximately 30,220 coins, although their value represents just a fraction of the companies’ estimated $3.4 trillion combined market capitalization.
Bloomberg reported Thursday that SpaceX and Tesla are discussing a possible merger that could be announced as early as December. According to people familiar with the matter, both companies’ boards and advisers are currently negotiating the terms, evaluating the structure, and determining how the merged business would be managed. However, the timeline remains uncertain, with an announcement potentially moving into early 2027.
The proposed deal would combine Bitcoin reserves already held by the two companies. SpaceX reported 18,712 BTC at the end of September, while Tesla disclosed holdings of 11,509 BTC in its quarterly filings. Both balances were unchanged from December 2025.
Based on Bitcoin’s Friday trading price of approximately $69,000, the combined holdings are worth around $2.1 billion. SpaceX carries a valuation exceeding $1.9 trillion following its June IPO, while Tesla is valued at approximately $1.5 trillion. Together, the companies are worth roughly $3.4 trillion, making their Bitcoin reserves equivalent to just 0.06% of their combined valuation.
A successful merger would not necessarily mean either company plans to increase its Bitcoin exposure. Instead, their existing cryptocurrency reserves would simply be consolidated within the newly combined corporate structure.
The latest estimate is also considerably higher than the figures CoinDesk reported in January. At that time, publicly tracked wallet data suggested that SpaceX and Tesla collectively held close to 20,000 BTC, including approximately 8,285 BTC attributed to SpaceX. Subsequent corporate filings revealed that SpaceX actually held 18,712 BTC by the end of 2025. The higher combined figure therefore reflects improved disclosure rather than a recent accumulation of Bitcoin.
Artificial intelligence reportedly sits at the center of the proposed merger strategy. According to Bloomberg, Musk’s broader vision involves bringing together technologies and operations across rocket development, self-driving vehicles, and humanoid robotics.
Nevertheless, merging the two businesses could introduce significant regulatory and operational complications. A key challenge involves keeping Tesla’s extensive Chinese manufacturing operations separate from SpaceX’s sensitive U.S. government contracts and defense-related activities.
Tesla has established an independent board committee to evaluate the potential transaction. Its regulatory filing states that any proposed combination would require a recommendation from the committee and shareholder approval where applicable.
The timing is particularly notable as Tesla’s annual shareholder meeting is scheduled for December 3. Developments surrounding the meeting could provide further insight into the company’s position on the potential merger.
