推动此合并案的核心动机在于马斯克企图掌控从晶片到数据中心的整条AI供应链，并借此应对开发先进AI技术及基础建设所需的巨额资金。随著特斯拉面临电动车销售增长放缓及研发支出上升的财政压力，将其与SpaceX合并不仅能共享技术资源，还能显著提升整体的融资与借贷能力，以与OpenAI和谷歌等巨头竞争。
由于SpaceX的市值高于特斯拉，该交易极可能由SpaceX主导并以全股票交易方式进行，这将有助于马斯克借由SpaceX的多重股权结构取得新实体的绝对投票控制权。然而，这起潜在的史上最大合并案仍需面对德州法律下三分之二股东同意的门槛、中美国家安全审查的监管挑战，以及合并后可能产生的集团折价风险。
In 2026, speculation is mounting that Elon Musk’s SpaceX and Tesla will merge, contrasting sharply with Musk's view a decade ago when he described the ties between the two companies as tenuous. As both firms have aggressively pivoted toward artificial intelligence in recent years, investors now see a combination as inevitable, with the merged conglomerate potentially valued near $4 trillion, making it the fourth most valuable company globally.
The core motivation behind the potential merger is Musk's ambition to control the entire AI supply chain from chips to data centers, and to secure the massive funding required to sustain advanced AI development. As Tesla faces financial pressure from ramping up futuristic projects while its core EV sales growth slows, uniting with SpaceX would allow them to pool technological resources and facilitate borrowing to compete against rivals like OpenAI and Google.
Since SpaceX is currently valued higher than Tesla, the transaction would likely be an all-stock acquisition led by SpaceX, which could help Musk secure majority voting control over the combined entity through SpaceX's multi-class share structure. However, this potentially record-breaking merger still faces high thresholds for shareholder approval under Texas law, regulatory scrutiny over national security concerns involving China, and the risk of a conglomerate discount.