SpaceX Just Went Public — and Everyone Is Already Talking About a Tesla Merger

TLDR

• SpaceX debuted on the stock market with a $2.1 trillion valuation, making it the sixth largest U.S.-listed company
• Investor Anthony Pompliano publicly called for Elon Musk to merge Tesla and SpaceX into one company
• Wedbush analyst Dan Ives put the odds of a Tesla-SpaceX merger at around 80%
• SpaceX’s S-1 filing warns of possible equity dilution, hinting at large future transactions
• SpaceX COO Gwynne Shotwell said a merger could make Musk’s life easier

SpaceX priced its IPO at $135 per share. On its first day of trading, it climbed as high as $176.52 before closing at $160.95, a gain of nearly 19%.

Space Exploration Technologies Corp., SPCX

That first-day performance gave SpaceX a market cap of around $2.1 trillion. That puts it ahead of Tesla, which sits at roughly $1.52 trillion.

The debut instantly placed SpaceX as the sixth most valuable publicly traded company in the United States.

Pompliano Calls for a Tesla-SpaceX Merger

Investor and entrepreneur Anthony Pompliano used the IPO moment to make a public appeal to Elon Musk.

Pompliano’s point is straightforward. Musk’s businesses now span electric vehicles, space, AI, robotics, and social media. Investors currently have to buy multiple stocks to get exposure to all of it.

A merged company would let shareholders back the full Musk empire through a single investment.

Analysts and Insiders Weigh In

Wedbush analyst Dan Ives said last month he puts the odds of a Tesla-SpaceX tie-up at around 80%. He argued that the connections between Musk’s businesses are already forming.

SpaceX president and COO Gwynne Shotwell went further, telling CNBC that a merger might make Musk’s life easier. That comment drew attention because it came from inside SpaceX itself.

Walter Isaacson, who wrote a biography on Musk, has also pointed to potential overlaps between the two companies.

Investor Ross Gerber has suggested any deal would likely look more like SpaceX absorbing Tesla than a traditional merger between equals.

What the SpaceX Filing Says

SpaceX’s S-1 filing included a warning to investors that the company may issue equity in connection with future transactions. That language is seen by many as a signal that a large deal could be in the works.

Musk has a track record of consolidating his businesses. In early 2025, he merged X into xAI. SpaceX then acquired the combined company in February through an all-stock deal.

A Tesla-SpaceX combination would be far larger and more complex, given the two companies have different shareholders, governance structures, and capital needs.

Tesla shares closed Friday at $406.43, up 1.74%, before slipping slightly in after-hours trading.

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