DOMINANT ANGLE
Berlin is breaking down the Tesla-SpaceX merger by its stock market figures and governance safeguards, questioning the increased power of Musk.
Dominant angle identified — does not reflect unanimity of this country’s media
KEY POINTS
- 01
SpaceX has increased its quarterly revenue from $5.6 to $14.6 billion and reports a net profit of $4.4 billion (FAZ).
- 02
SpaceX's market capitalization is over $1.9 billion, Tesla's is around $1.48 billion: the merger would be the largest in history (Tagesschau).
- 03
After the announcement, SpaceX stock gained over 9% and Tesla around 2% in after-hours trading (Tagesschau).
ANALYSIS
Berlin, October 21, 2026. The German press is treating the announcement as a matter of governance and valuation before seeing it as an industrial project. According to the FAZ, Elon Musk stated on Tuesday, October 20, during the presentation of SpaceX's results, that the two groups had formed a committee to examine a potential merger: "I think it would be a good idea," he said, citing synergies. He claims not to be participating in the deliberations due to conflicts of interest and considers it excessive to talk about "certainty," as the shareholders must approve the operation.
The figures are taking center stage. The FAZ notes that SpaceX, in its first full quarter since its introduction to the stock market, has increased its revenue from $5.6 to $14.6 billion and achieved a net profit of $4.4 billion, above expectations. The Tagesschau estimates SpaceX's capitalization at over $1.9 billion and Tesla's at around $1.48 billion: a merger would be the largest in history and would create, according to them, a giant worth $3.5 billion, spanning from electric cars to robotics and satellite communications.
The public channel is focusing on the market reaction: after the announcement, Tesla's stock gained a little over 2% in after-hours trading, while SpaceX progressed by more than 9%, above $160. It sees this as a sign that Tesla's investors are not expecting a significant premium. It also recalls that SpaceX went public in mid-June at $135, with $75 billion raised, and that Musk's fortune, estimated at $920 billion, is based on his stakes in the two companies.
The question of power is being raised, without being the main focus: the Tagesschau's headline asks if this means "more power for Musk." The FAZ notes that Musk holds a large portion of the voting rights and that, in the past, for example regarding his compensation, the shareholders have largely followed his wishes. According to a source cited by Reuters and reported by the Tagesschau, the discussions began in recent weeks and could lead to SpaceX absorbing Tesla, with Tesla being advised by an investment bank.
