据知情人士称，SpaceX正在评估与特斯拉或与xAI合并的可能性，显示埃隆·马斯克正考虑整合其商业版图。相关讨论仍处早期阶段，方案可能变化，亦可能不推进交易。潜在交易或吸引基础设施基金及中东主权投资者参与，并可能需要大规模融资。

不同合并路径对应不同协同效应。若与xAI结合，SpaceX在轨道部署的数据中心可为AI提供计算能力；与特斯拉结合则可利用其能源存储与制造能力，支持太空太阳能与计算设施。马斯克亦设想以Starship火箭将特斯拉的Optimus机器人送往月球与火星，凸显跨业务协同的战略想象空间。

市场与资本层面反应迅速。特斯拉股价盘后最高上涨4.5%，公司市值约1.56万亿美元；SpaceX目标IPO估值约1.5万亿美元。SpaceX正考虑6月上市，或募资至多500亿美元，若成行将成为史上最大IPO；多家投行预计担任主承销。内华达州1月21日成立的“merger sub”实体、以及此前报道的xAI换股或现金选项，进一步印证了合并筹划的实质进展。

According to people familiar with the matter, SpaceX is considering a merger with Tesla or an alternative combination with xAI, signaling Elon Musk is weighing consolidation across his businesses. The discussions are at an early stage, details could change, and a transaction may not proceed. Any deal could draw interest from infrastructure funds and Middle Eastern sovereign investors and may require substantial financing.

Each path offers different synergies. A tie-up with xAI could leverage SpaceX’s planned orbital data centers to provide AI compute, while a merger with Tesla could tap its energy storage and manufacturing to power space-based solar and computing systems. Musk has also floated using Starship rockets to transport Tesla’s Optimus robots to the Moon and Mars, underscoring cross-company integration potential.

Markets and capital plans reacted quickly. Tesla shares rose as much as 4.5% after hours, valuing the company at about $1.56 trillion; SpaceX is targeting an IPO valuation near $1.5 trillion. SpaceX is weighing a June listing that could raise up to $50 billion—potentially the largest IPO ever—with major banks expected to play senior roles. Nevada filings creating “merger sub” entities on Jan. 21 and prior reports of xAI share exchanges or cash options point to tangible merger preparations.