The proposed combination extends beyond Bitcoin. According to Bloomberg, the discussions also involve Musk's artificial intelligence, aerospace, electric vehicle and robotics businesses.
Musk addressed the potential merger during SpaceX's October 20 earnings call. He said both companies had created special committees of independent directors to examine the proposal.
He described a merger as a good idea but cautioned that neither committee had reached an agreement. Musk also left open the possibility that negotiations might not produce a transaction.
Tesla later confirmed its committee's role in its quarterly filing. The company said any combination would require the committee's recommendation and necessary shareholder approvals.
Another issue involves Tesla's manufacturing operations in China and SpaceX's sensitive U.S. government contracts. The companies must consider how to separate those activities within a combined business.
Meanwhile, Tesla has scheduled its annual shareholder meeting for December 3, 2026. Its October 19 proxy statement contains three company proposals, but none requests approval for a merger. Considerations of any agreement requiring a shareholder vote would therefore need approval through a separate process.
SpaceX also faces an internal review. Its quarterly filing states that its special committee, board, and controlling shareholder must approve any proposed combination before the company proceeds.
