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Elon Musk's SpaceX and Tesla could bring approximately USD 2.1 billion in Bitcoin under one company as merger discussions advance. Bloomberg reported on November 12 that the two companies could announce a deal as early as December 2026. Their combined holdings total 30,221 BTC, according to quarterly regulatory filings.
The companies have yet to agree on merger terms. Their boards and advisers continue to discuss the proposed structure and management of the combined business. Sources familiar with the talks said an announcement could also move into early 2027.
The potential merger would unite businesses worth approximately USD 3.4 trillion. SpaceX carries a valuation above USD 1.9 trillion following its June public listing, while Tesla's market value stands near USD 1.5 trillion.
Meanwhile, Bitcoin traded near USD 69,000 on Friday, November 13. At that price, the companies' combined holdings represent roughly 0.06% of their total market value.
A merger would not automatically increase either company's Bitcoin reserves. Instead, it would place their existing holdings under a single corporate structure.
SpaceX reported holding 18,712 BTC as of September 30, 2026, according to its latest quarterly filing with the U.S. Securities and Exchange Commission. The company maintained the same balance at the end of December 2025.
Its Bitcoin holdings have a purchase cost of USD 661 million. SpaceX valued those assets at USD 1.573 billion at the end of September. At Friday's Bitcoin price, their value stood near USD 1.29 billion.
Tesla's September filing reported another 11,509 BTC, with an acquisition cost of USD 386 million. The electric vehicle manufacturer has maintained that balance since selling most of its original Bitcoin purchase in 2022.
Together, the companies spent approximately USD 1.05 billion acquiring their Bitcoin reserves. Their average purchase price stands near USD 34,650 per coin.
With Bitcoin trading around USD 69,000, those holdings carry an estimated value of USD 2.09 billion. That leaves approximately USD 1.04 billion in unrealized gains.
What would a merger mean for the companies' existing Bitcoin reserves?
For now, their filings indicate no change in ownership quantities. SpaceX's September balance also differs from earlier blockchain estimates.
Before its public listing, Arkham Intelligence attributed approximately 8,285 BTC to SpaceX. Its May IPO filing subsequently disclosed 18,712 BTC. The difference reflected broader disclosure rather than newly reported purchases.
Read More: SpaceX, Tesla Merger Talks Advance, Deal Could Come in December
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.
SpaceX and Tesla's proposed merger could combine 30,221 BTC worth approximately USD 2.09 billion. Both companies have maintained their reported holdings since December 2025. Although discussions have advanced, neither board has approved the combination. The proposed transaction still faces committee reviews, regulatory considerations and potential shareholder approval.