DOMINANT ANGLE
Budapest is breaking down the potential Tesla-SpaceX merger by the numbers: stock market, quarterly results and Musk's share of capital.
Dominant angle identified — does not reflect unanimity of this country’s media
KEY POINTS
- 01
Musk: "I think it would be a good idea, but it depends on the special committees"; he does not participate in their discussions due to a conflict of interest (HVG).
- 02
SpaceX: net profit of 4.4 billion dollars in the third quarter, revenue of 14.6 billion, +161% over a year (Telex).
- 03
After the merger, Musk would own 37% of the capital and more than 56% of the votes, compared to a fifth of Tesla and more than half of SpaceX today (444).
ANALYSIS
Budapest, October 21, 2026. Hungarian media treated Tuesday's announcement as a financial matter. HVG, citing Reuters, reports that Elon Musk deemed the merger of SpaceX and Tesla "a good idea," while specifying that "it depends on the special committees" of the two companies. According to HVG, this is the first time he has officially confirmed formal discussions. The committees, composed of independent administrators, were created at the request of shareholders, whose approval would be necessary for any transaction. Musk, a party involved, says he cannot participate in their meetings and warns that it would be premature to consider the operation a done deal.
The markets are in the spotlight. HVG indicates that the space company's stock gained 8% in after-hours trading and that SpaceX has turned a profit for the first time since its introduction to the stock market. The newspaper also notes Musk's forecast: an annual recurring revenue of $500 to $1,000 billion by the end of 2027, driven by demand for data center capacity related to artificial intelligence. Telex details the third-quarter results: a net profit of $4.4 billion after two deficit-ridden quarters, and $14.6 billion in revenue, up 161% year-over-year. The site quotes Musk's phrase, saying he feels "like he's dancing the tap dance on a minefield."
444 emphasizes the concentration of power, even in its title: Musk "would increase his influence." The site recalls that he owns a fifth of Tesla and more than half of SpaceX; after the merger, he would own 37% and more than 56% of the votes. Analysts consider SpaceX the more likely acquirer, with a possible announcement before Tesla's December meeting. 444 also recalls that SpaceX has purchased hundreds of millions of dollars' worth of Megapack and Cybertruck that the market could not absorb, and that the initial public offering aimed for a valuation of $1,750 billion.
Criticism comes from third-party sources. Telex reports that CNN noted that Tesla's shareholders have so far largely followed Musk's ideas, which nuances the independence of the process. All three articles reiterate Reuters and CNN dispatches, without reaction or analysis from Hungarian sources.
