SpaceX and Tesla are studying a merger to unite Elon Musk's two public companies in a multitrillion-dollar combination that would be the largest deal of all time. Musk said both companies have formed special committees to study a tie-up, which could create a sprawling conglomerate oriented around AI and potentially worth more than $3tn. He noted there is a lot to be gained from co-operating on developing superintelligence software, chip design, the Terafab, robotics, and mass to orbit with the Starlink constellation connectivity.
Musk has previously rolled the social media platform X and his AI lab, xAI, into SpaceX. Tesla shares rose about 1.5 per cent after hours, while SpaceX stock climbed 5 per cent after it reported strong earnings. SpaceX said its revenue more than doubled in the third quarter, swinging the company into profit.
Revenue surged 161 per cent to $14.6bn in the third quarter, up from $5.6bn a year ago, beating analysts' estimates for $12.9bn. SpaceX posted a net profit of $4.4bn in the three months to the end of September, exceeding Wall Street's expectations of about $2bn. The outperformance was driven by sales of cloud computing services, with revenue from AI surging ninefold to $7.6bn from $813mn a year ago.
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