DOMINANT ANGLE
The United States is gauging the announcement in terms of the markets: valuation, SpaceX profits, and Tesla shareholder votes take precedence over the issue of Musk's power.
Dominant angle identified — does not reflect unanimity of this country’s media
KEY POINTS
- 01
SpaceX generated $14.6 billion in revenue in the third quarter, up 161%, and its stock gained 8% on Wednesday, October 21 (CNBC).
- 02
A merger would create a group of around $3.5 trillion, with SpaceX valued at nearly $2 trillion and Tesla at $1.5 trillion (Time, Axios).
- 03
Musk claims he is not participating in special committee discussions due to his conflict of interest; the agreement of 50% of Tesla's shareholders would be required (Axios).
ANALYSIS
New York, October 21, 2026. The US press initially treats the announcement as a market event. On Tuesday, October 20, during the presentation of SpaceX's quarterly results, Elon Musk confirmed that SpaceX and Tesla had formed special committees at the request of shareholders. "I think it would be a good idea, but it really depends on the special committees of the two companies," he said, according to Time. Composed of independent administrators, these committees must agree on the terms before a shareholder vote; Musk says he will not participate due to his conflict of interest.
Time notes that the operation could create a group worth around $3,500 billion and become the largest merger by value, surpassing the record acquisition of xAI by SpaceX for $250 billion in February. SpaceX is valued at around $2,000 billion, Tesla at $1,500 billion. Analysts from Barclays mentioned the possibility of an announcement before Tesla's annual meeting in December the previous week.
CNBC focuses on the market reaction: SpaceX stock gained 8% on Wednesday, October 21, after revenue of $14.6 billion in the third quarter, up 161%, compared to the $12.72 billion expected by the LSEG consensus. The net result reached $4.4 billion, compared to a loss of $1.05 billion a year earlier. SpaceX forecasts revenue of $33 to $37 billion in the first quarter of 2027. Rocket Lab, Intuitive Machines, and AST SpaceMobile also made gains. Tesla will release its results on Wednesday after the close.
Axios emphasizes Musk's caution, who considers it "exaggerated" to take the agreement for granted and recalls that 50% of Tesla's shareholders should approve it, a threshold he describes as a high hurdle. He cites synergies in AI, chips, robotics, and connectivity. Analyst Gene Munster, from Deepwater Asset Management, estimates the probability of an agreement within two years at 95%: "Believe me, shareholders would support this."
The narrative remains focused on valuation, schedule, and voting; the concentration of Musk's power and regulation occupy little space in the available excerpts.
