Elon Musk’s two major businesses could soon combine their Bitcoin reserves under one corporate entity, bringing approximately $2.1 billion worth of BTC together. However, the cryptocurrency holdings would represent only a small portion of the companies’ estimated combined $3.4 trillion valuation.
Bloomberg reported Thursday that SpaceX and Tesla are considering a merger that could be announced as early as December. Citing people familiar with the discussions, the report said the companies’ boards and advisers are examining the proposed transaction, including its structure and management arrangements. However, the announcement could be pushed back to early 2027.
The proposed combination would bring approximately 30,220 Bitcoin under the same corporate umbrella. According to quarterly filings, SpaceX held 18,712 BTC at the end of September, while Tesla reported ownership of 11,509 BTC. Neither company indicated a change in its Bitcoin balance compared with December 2025.
At a Bitcoin price of approximately $69,000 on Friday, the combined holdings carry an estimated value of $2.1 billion. By comparison, SpaceX and Tesla have a combined market valuation of around $3.4 trillion. SpaceX is valued at more than $1.9 trillion following its June IPO, while Tesla’s market capitalization stands near $1.5 trillion.
This means their collective Bitcoin reserves represent approximately 0.06% of their overall market value. A merger would not automatically involve additional cryptocurrency purchases. Instead, the transaction would consolidate Bitcoin already held on both companies’ balance sheets.
The latest estimate also exceeds figures previously reported by CoinDesk in January. At that time, publicly tracked wallets indicated that the two companies held nearly 20,000 BTC combined, with roughly 8,285 BTC attributed to SpaceX. Later financial disclosures revealed that SpaceX had already accumulated 18,712 BTC by the end of 2025. The difference largely reflects more comprehensive corporate reporting rather than recent purchases.
Artificial intelligence is reportedly a major factor behind the merger discussions. Bloomberg indicated that Musk wants to bring together operations spanning rocket technology, autonomous driving, and humanoid robotics as part of his broader AI ambitions.
Despite the potential strategic benefits, the transaction faces several challenges. One major issue is how to maintain separation between Tesla’s substantial manufacturing operations in China and SpaceX’s sensitive U.S. government contracts and defense-related activities.
Tesla has already formed an independent committee within its board to review the proposed combination. A company filing indicates that any transaction would need the committee’s recommendation and the necessary shareholder approval before proceeding.
Tesla’s annual shareholder meeting is scheduled for December 3, making the upcoming period potentially important for determining the direction of the merger discussions.
