据海外媒体报道，埃隆·马斯克在 5 月 26 日与同事讨论了将 SpaceX 和特斯拉合并的可能性。特斯拉股价在 5 月 26 日收盘时约上涨 2%，并在盘后交易中继续走高。随着 SpaceX 准备首次公开募股，合并讨论再次引发市场对马斯克两家旗舰公司潜在合并的关注。
近年来，关于特斯拉与 SpaceX 合并的猜测时有出现。据报道，许多特斯拉员工长期以来都期待潜在的合并，并且公司内部一直存在相关讨论。消息人士称，由于电力供应和计算能力方面的共同挑战，两家公司一直保持着常态化协作。
Personnel and Ownership Interconnections
Musk and his brother Kimbal Musk, along with venture capitalist Aria Ehrenprice, serve simultaneously on the boards of both companies. SpaceX board members Antonio Gracias and Steve Jurvetson previously worked at Tesla. Charles Kooman holds the position of vice president of materials engineering at both Tesla and SpaceX.
In January 2025, Tesla announced a $2 billion investment in xAI, Musk's artificial intelligence company. xAI subsequently merged with SpaceX and was renamed SpaceXAI, converting Tesla's shareholding into equity in SpaceX.
Business Transactions and Collaboration
SpaceX purchased $697 million worth of Tesla Megapack battery storage systems during 2024 and 2025 to power its Colossus supercomputer cluster located in Memphis, Tennessee. In 2025, SpaceX also spent $131 million purchasing Tesla Cybertruck pickups.
Prior collaborations include Tesla selling solar equipment and automotive components to SpaceX, while SpaceX developed specialized alloy materials for Tesla's Cybertruck.
Artificial Intelligence Focus
Artificial intelligence represents a shared strategic focus for both companies. SpaceX's first-quarter capital expenditure of $10.1 billion included more than 75% allocated to AI-related projects. Tesla's latest financial report indicated that 2025 capital expenditure would increase by nearly three times, exceeding $25 billion, to support new factory construction and AI infrastructure development.
分析师预测及 IPO 时间表
在 Wedbush Securities 的知名特斯拉多头 Dan Ives 表示，根据 SpaceX 提交 S-1 后的预测，他认为 SpaceX 和特斯拉将在 2027 年合并。Ives 指出，特斯拉已经持有 SpaceX 的股权，而双方共同运营的 Terafab 工厂进一步加深了两家公司之间的业务整合。
在 5 月 20 日，SpaceX 向 U.S. Securities and Exchange Commission（美国证券交易委员会）提交了注册声明。SpaceX 将以 SPCX 作为交易代码在 Nasdaq 上市。路演安排在 6 月 4 日，6 月 11 日定价，6 月 12 日上市。
SpaceX 的 IPO 将使马斯克有机会主导美国市值最高的十家公司中的两家。特斯拉目前的市值超过 1.6 万亿美元，而 SpaceX 的市场估值在 1.75 万亿至 2 万亿美元之间。
