An analysis published by TMTPost says that at Tesla's Q2 2026 earnings call a Wells Fargo analyst asked whether Tesla and SpaceX had merger value, and Musk replied that cooperation and business overlap between the two were growing but that any deal would need the right timing and process. The piece argues the likely structure would be SpaceX issuing stock to absorb Tesla: it puts SpaceX's market value at about $2.15 trillion and Tesla's at about $1.49 trillion as of Oct 12, 2026, notes SpaceX's February stock-swap acquisition of xAI and its June IPO at $135 per share (roughly $1.77 trillion valuation, raising up to $75 billion), and says Musk controls about 85% of votes through super-voting B shares. It also describes the jointly discussed Terafab plan to build manufacturing capacity for one terawatt of AI compute a year, and cites Tesla's Q2 revenue of $28.24 billion, a 1.4% operating margin and negative $10.92 billion free cash flow. The merger itself remains speculative, with the author pointing to a 2027–2028 window.