❯ Musk leaves open a SpaceX–Tesla merger, while Terafab already puts both companies inside one chip project

The door stays openAt the 2026 All-In Summit, Elon Musk did not rule out a SpaceX–Tesla merger and emphasized deep cooperation between the companies. The hosts also pressed SpaceX President Gwynne Shotwell about the speculation. There is no board proposal, transaction structure or formal announcement, making this a management signal, not an initiated deal.

Cooperation is realThe clearest connection is the Terafab semiconductor project, intended to build proprietary chip capacity for AI compute, robotics and space systems. SpaceX absorbed xAI this year and is preparing for an IPO; it has not completed one. Tesla remains separately listed. Capital structures, minority-shareholder protections and business valuation leave an entire governance process between “substantial cooperation” and “a feasible merger.”

Interests divergeSpaceX investors own exposure to launch, satellite internet and xAI; Tesla shareholders hold automobiles, energy and robotics. Terafab can share chip investment but creates questions about cost allocation and intellectual-property ownership. Related-party transaction rules will face scrutiny before any merger scenario, and a formal plan would need to explain who funds shared assets and who receives capacity.

▪ SIGNALTerafab proves the companies can build assets together, but governance costs make an equity merger far harder than technical cooperation.