SpaceX-Tesla merger would combine 30,221 bitcoin worth 2.9 trillion won

Talks on a merger between SpaceX and Tesla are said to be making progress. If the merger is completed, the combined company would hold a total of 30,221 BTC, worth about 345.0 billion yen, or about 2.9 trillion won.

Bloomberg reported on Nov. 13, citing sources, that merger discussions between SpaceX and Tesla, led by Elon Musk, are progressing. The total would combine 18,712 BTC held by SpaceX and 11,509 BTC held by Tesla. The figures are the combined holdings disclosed in quarterly reports by the two companies as of Sept. 30.

Data as of Nov. 13 from Bitcoin Treasuries, which tracks bitcoin holdings, show the combined company's expected holdings would rank fifth among listed companies. It would still fall short of the 43,153 BTC held by asset manager Strive, ranked fourth.

The merger is drawing attention as a potentially large deal spanning electric vehicles and energy storage systems, rockets and satellite businesses. Sources pointed to a shared vision of using artificial intelligence in space, autonomous vehicles and humanoid robots.

The deal would also be sizable. SpaceX is valued at more than $1.9 trillion and Tesla is valued at about $1.5 trillion. If completed, it could become one of the largest corporate combinations on record.

The timing of an announcement has not been set. Sources expected an announcement could come as early as December, but also raised the possibility it could be pushed back to early 2027. The two companies' boards and advisers are said to be coordinating deal terms, including the combined company's governance structure.

Crypto markets are also focused on the combined company's bitcoin holdings after a merger. If the bitcoin held by both companies is counted on one company's financial statements, the combined company would emerge as a major corporate holder of bitcoin.

SpaceX's third-quarter results are also drawing attention. The company posted third-quarter revenue of $14.575 billion and net profit of $4.404 billion. As of Sept. 30, it held 18,712 BTC, valued at $1.573 billion. That was an increase of $475.0 million from the $1.098 billion valuation at the end of June.

The key issues going forward are whether a formal merger announcement will be made within the year and the post-merger bitcoin management strategy. The merger terms, announcement timing and the combined company's governance structure remain major variables.