Elon Musk has revived speculation that Tesla and SpaceX could merge, hinting that his electric carmaker and his rocket company might one day be combined.
Asked at the All-In Summit why the two remained separate, Musk replied "Great question", before adding that "with all this collaboration on so many levels, who can imagine what action one might take".
SpaceX's president, Gwynne Shotwell, sat alongside him and described an integration between the businesses that was already under way, according to Investor's Business Daily, which called the exchange his strongest hint yet at a formal tie-up.
A merger would bring Musk's electric-vehicle, battery and rocket-launch operations under single ownership and deepen the overlap he has encouraged across his companies.
A pattern of consolidation
Musk has steadily folded his ventures together, most recently merging his artificial intelligence startup, xAI, into SpaceX, and the two firms already jointly run Terafab, a planned semiconductor plant.
Tesla also holds a small stake in SpaceX, having converted an earlier investment in xAI into shares, leaving its shareholders with indirect exposure to the rocket company.
On Tesla's July earnings call, Musk pointed to "more and more overlap" between the businesses but said any combination would need "the appropriate process", stopping short of confirming a deal.
Analysts are split on timing, with Wedbush's Dan Ives and Cathie Wood's ARK Invest pointing to a possible 2027 merger, a timeline Musk has previously disputed.
A crowded launch calendar
The remarks land amid a burst of activity across Musk's businesses.
Tesla will unveil its long-delayed next-generation Roadster, which Musk has promised will carry SpaceX-designed thrusters, on 1 October in Waco, Texas, close to a SpaceX test site, teasing the reveal with the phrase "Go for launch".
SpaceX is separately targeting 22 September for Starship Flight 14, the first attempt to send its giant rocket into orbit, according to the company's mission filing.
What comes next
Because Musk already controls both companies, any formal proposal would face close scrutiny from shareholders, even though legal experts expect few antitrust hurdles.
Investors will look to the Roadster event and the Starship flight for signs of whether the hints are edging towards a concrete deal.
