Barclays analysts led by Dan Levy wrote in a client note that market participants now widely expect Tesla and SpaceX to merge, with an announcement possible before Tesla's annual shareholder meeting, which they expect by December 6, 2026 at the latest; they added the news could slip to late October or early November, leaving less time for shareholder review. The note frames vertical integration and faster AI opportunities across Musk's two companies as the rationale, and sketches an all-stock acquisition of Tesla by SpaceX that would leave Musk with roughly 37% of the combined company's shares and about 56% of voting power. cnBeta stressed this remains a Barclays scenario forecast and that neither company has announced a formal merger plan.