Shares of Tesla ticked up 1.4% to $349.55 on June 12, the same day SpaceX President Gwynne Shotwell publicly floated a merger between the two companies during a CNBC interview timed to SpaceX's blockbuster initial public offering. The modest move suggests investors are intrigued but far from convinced — and the stakes for Tesla's shareholder base are enormous. SpaceX Floats a Tesla Merger on Its Record IPO Day — Would Combining Two Trillion-Dollar Empires Reward Shareholders or Just Reward Musk?

Shares shifted as SpaceX President Gwynne Shotwell told CNBC on June 12 that merging with Tesla is a real possibility, calling it something that "might make Elon's life a little easier." The comment came on the same day SpaceX began trading on Nasdaq — the largest IPO in history — and it marks the first direct acknowledgment from a top executive at either company that a combination is actively being considered. Tesla's Milan-listed shares rose 1.4% to $349.55, a muted reaction to news that could reshape two of the world's most valuable companies.

• SpaceX Now Has the Stock to Buy Tesla — and It's Already Worth More

SpaceX's stock hit a session high of $168.75, up 25% from its $135 IPO price.

The company surpassed a $2 trillion valuation, now worth more than Tesla, which had a market capitalization of about $1.2 trillion as of early Friday.

In an amended IPO filing, SpaceX said it may issue "significant equity" to fund future transactions — sparking fresh merger speculation. Translation: SpaceX now holds publicly traded shares it can use as currency to absorb Tesla without spending cash.

• The Companies Already Run on Each Other's Hardware

SpaceX purchased $697 million worth of Tesla energy storage systems in 2024–2025 and spent $131 million on Tesla Cybertrucks in 2025.

Tesla invested $2 billion in xAI in January 2026 — shares that converted into SpaceX holdings after xAI merged with SpaceX in February. These aren't arm's-length transactions; they're the financial scaffolding of an integrated empire already functioning as one.

• Wall Street Sees a Deal as Likely — But Not Imminent

Dan Ives from Wedbush Securities indicated an 80% likelihood of a merger within the next year. Yet the structural complexity — regulatory approvals, shareholder votes, share exchange ratios — makes a near-term deal unlikely even if both sides want it.

At current valuations, the combined entity would sport a valuation of roughly $3.4 trillion. Tesla shareholders should watch the exchange ratio closely: if SpaceX's stock trades at a premium, Tesla holders risk dilution — owning a smaller slice of a bigger pie.

• Tesla's Modest Pop Signals Skepticism, Not Euphoria

Tesla shares experienced only a 1% increase following SpaceX's IPO. The subdued reaction suggests the market sees execution risk far outweighing Shotwell's optimism. Tesla's current P/E ratio stands at roughly 365x , already pricing in transformative growth. Adding SpaceX's 60x price-to-sales ratio doesn't simplify the story — it compounds it.