Tesla and SpaceX.

What was said

1. Reported5 Dec 2025 · Wall Street Journal

   Reported secondary-sale talks that would mark SpaceX near $800 billion. A valuation story, not a Tesla combination.

   Source

2. Rumor9 Dec 2025 · Reuters, citing Bloomberg

   Reported that SpaceX was pursuing a 2026 public listing raising above $30 billion. A listing is not a merger with Tesla.

   Source

3. Reported3 Feb 2026 · Reuters, and Bloomberg the same week

   Reported a SpaceX combination with xAI at a stated $1.25 trillion value. That deal, if it stands, joins the rocket company and the model company. It does not join Tesla.

   Source

What would have to be true

• Who would own the combined equity, and whose vote actually moves?
• What does a regulator say about a car company holding a launch license, or the reverse?
• Starlink sells connectivity. Auto sells a vehicle. Which P&L is the parent?
• Tesla already buys and invests across the group. Does a merger change the product, or only the cap table?

Why they stay separate

• SpaceX has launch licenses, export rules, and government customers that a car company does not.
• Tesla and SpaceX are both listed. Putting them together is a vote of two shareholder bases, plus the launch license and the export rules.
• The February 2026 report joined xAI to SpaceX, not Tesla to SpaceX. The firms can share a founder and stay separate.
• A commentator's chain — one company rescues the next — is an opinion. It is not a term sheet.