--- title: The largest merger in history could unite Tesla and SpaceX. description: "According to the Financial Times, both companies have formed special committees to explore a combination potentially worth more than $3 trillion.\n\nNo terms agreed. No deal guaranteed.\n\nThe ambition? Bring AI, robotics, chips, satellite connectivity and space infrastructure under one roof.\n\nMeanwhile, SpaceX’s latest results reveal how rapidly its business is changing:\n→ Quarterly revenue: $14.6bn, up 161%.\n→ Net profit: $4.4bn.\n→ AI computing revenue: $7.6bn, up ninefold.\n→ Starlink revenue: $5.2bn.\n\nAI computing now generates more than half of group revenue.\n\nBut the spending is equally extraordinary.\n\nSpaceX expects $35–40bn of capital expenditure next quarter alone, as Musk targets a massive expansion in computing capacity.\n\nThe question for shareholders: would combining these businesses unlock greater value—or make an already complex investment story even harder to assess?\n\nSource: FT" image: https://blog.syzgroup.com/hubfs/1792566766523.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. You can change your settings below to refuse the use of cookies. For more information, please refer to the [Cookies policy](https://www.syzgroup.com/en/legal-notices). Mandatory cookies Functional cookies Statistics & marketing I confirm I am not a US citizen residing in the US I confirm I am not accessing this site from the US I confirm that I am not a resident of Canada (except for Ontario, Quebec, British Columbia or Alberta). Agree and confirm ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… ### Restricted access We are sorry that for legal reasons we are not able to help US citizens or Canadian residents other than in Ontario, Quebec, or Alberta. Best wishes for the future… You chose the following profile. If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 21 Oct 2026 - - - #### The largest merger in history could unite Tesla and SpaceX. According to the Financial Times, both companies have formed special committees to explore a combination potentially worth more than $3 trillion. No terms agreed. No deal guaranteed. The ambition? Bring AI, robotics, chips, satellite connectivity and space infrastructure under one roof. Meanwhile, SpaceX’s latest results reveal how rapidly its business is changing: → Quarterly revenue: $14.6bn, up 161%. → Net profit: $4.4bn. → AI computing revenue: $7.6bn, up ninefold. → Starlink revenue: $5.2bn. AI computing now generates more than half of group revenue. But the spending is equally extraordinary. SpaceX expects $35–40bn of capital expenditure next quarter alone, as Musk targets a massive expansion in computing capacity. The question for shareholders: would combining these businesses unlock greater value—or make an already complex investment story even harder to assess? Source: FT [#Technology|](https://blog.syzgroup.com/syz-the-moment/tag/technology) [#AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) ![The largest merger in history could unite Tesla and SpaceX.](https://blog.syzgroup.com/hubfs/1792566766523.jpg) ![The largest merger in history could unite Tesla and SpaceX.](https://blog.syzgroup.com/hubfs/1792566766523.jpg) #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [Technology|](https://blog.syzgroup.com/syz-the-moment/tag/technology) [china](https://blog.syzgroup.com/syz-the-moment/tag/china) #### [China's soaring semiconductors exports and imports: all price, as volumes collapse](https://blog.syzgroup.com/syz-the-moment/chinas-soaring-semiconductors-exports-and-imports-all-price-as-volumes-collapse?hsLang=en) Source: zerohedge Goldman Sachs Haver Analytics **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 20/10/2026 [Food for Thought|](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [The biggest risk AI poses to jobs might not be mass layoffs](https://blog.syzgroup.com/syz-the-moment/the-biggest-risk-ai-poses-to-jobs-might-not-be-mass-layoffs?hsLang=en) The biggest risk might be the disappearance of the career ladder. And business leaders are already raising the alarm. Source: Paul Storm Tamara Storm **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 20/10/2026 [AI|](https://blog.syzgroup.com/syz-the-moment/tag/ai) [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) #### [An AI credit spread chart tells you the price of risk. It doesn’t tell you the full story.](https://blog.syzgroup.com/syz-the-moment/an-ai-credit-spread-chart-tells-you-the-price-of-risk.-it-doesnt-tell-you-the-full-story?hsLang=en) Behind several neocloud operators stand companies with trillion-dollar market capitalisations and exceptionally low financing costs. Consider the relationships → CoreWeave: NVIDIA holds approximately 10% of the equity and has committed to purchase unused capacity through 2032, worth up to $6.3 billion. → NScale, Lambda, Nebius and IREN: NVIDIA’s involvement includes equity investments and preferential commercial agreements. → IREN: Microsoft has signed a major contract, with 20% of its value prepaid. → NScale and Lambda: NVIDIA has provided backing for leases. → Hut 8 and TeraWulf: Google has provided lease-related guarantees. → Cipher: Amazon has provided lease guarantees. These arrangements matter. But equity ownership, customer prepayments, capacity commitments and lease guarantees offer different levels of protection. Strategic backing does not eliminate default risk. Equally, a widening credit spread alone does not establish that default is inevitable. Source: Boring\_Business on X @BoringBiz\_ **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 19/10/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. [Discover more](https://blog.syzgroup.com/syz-the-moment) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. Follow us ## **Thinking** out loud - - - - ## **Investing** with intelligence Our latest research, commentary and market outlooks #### [Weekly Market Update](https://blog.syzgroup.com/fast-food-for-thoughts/tag/weekly-market-update?hsLang=en) #### [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus?hsLang=en) #### [Asset Allocation Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights?hsLang=en) #### [Semi-annual Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/semi-annual-outlook?hsLang=en) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [Terms & conditions](https://www.syzgroup.com/sites/default/files/document/2021-12/001-2_en-general_terms_and_conditions_w.pdf) - [Data protection notice](https://www.syzgroup.com/en/data-protection-notice) - [Cookies policy](https://www.syzgroup.com/en/legal-notices) - [Syzgroup.com](https://www.syzgroup.com/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Charles-Henry Monchau, CFA, CMT, CAIA", "url" : "https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau" }, "dateModified" : "2026-10-21T14:05:50.372Z", "datePublished" : "2026-10-21T14:05:50.000Z", "headline" : "The largest merger in history could unite Tesla and SpaceX.", "image" : [ "https://blog.syzgroup.com/hubfs/1792566766523.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.syzgroup.com/syz-the-moment/the-largest-merger-in-history-could-unite-tesla-and-spacex", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.syzgroup.com/hubfs/Logo%20(1).png" }, "name" : "Syz Group" } } ```