A potential merger between Tesla and SpaceX, first reported by CNBC on May 27, 2026, would combine the two companies' separately disclosed Bitcoin holdings into a single $3.3 billion treasury — instantly ranking the merged entity fifth among public corporate Bitcoin holders worldwide.
CNBC reported Tuesday that Elon Musk has discussed with colleagues the possibility of folding the two companies together, citing people familiar with the talks. A Tesla employee told CNBC that such a transaction has been openly discussed internally for years. A separate source close to the companies cited growing overlap in power infrastructure and AI computing as a driver of increased collaboration between the firms. Neither Tesla nor SpaceX has publicly confirmed any merger discussions.
The Bitcoin math is straightforward. Tesla holds 11,509 BTC, per its Q1 2026 earnings disclosure — unchanged from the prior quarter, though the company booked a $173 million digital-asset loss on the position. SpaceX holds 18,712 BTC at a fair value of $1.29 billion, according to its S-1 registration statement filed with the SEC in May 2026 ahead of a planned Nasdaq IPO expected next month. Combined, the two positions total 30,221 BTC, worth roughly $3.3 billion at current prices near $109,000 per coin.
That combined figure would put a merged company behind only Strategy (MSTR), Twenty One Capital (XXI), Metaplanet, and Marathon Digital Holdings (MARA) among publicly traded corporate Bitcoin holders, according to treasury tracking data compiled by BitcoinTreasuries.net.
SpaceX's IPO adds a separate layer of significance. The rocket and satellite company filed its S-1 with the SEC citing a private-market valuation of roughly $1.25 trillion following its earlier merger with Musk's xAI. The offering is expected to begin trading on Nasdaq next month. A merger with Tesla before or after that listing would represent one of the largest corporate combinations in history, spanning electric vehicles, aerospace, and artificial intelligence.
Tesla first purchased Bitcoin in early 2021, disclosing a $1.5 billion position and briefly accepting it as payment for vehicles before suspending that program over environmental concerns related to Bitcoin mining. The Q1 2026 11,509 BTC holding reflects no change in the physical position since that initial accumulation period.
The merger rationale offered to CNBC focuses on business overlap rather than Bitcoin strategy — the two companies increasingly share infrastructure dependencies around power and computing. Whether a combined treasury of 30,221 BTC would be managed as a unified position or maintained separately under a holding structure was not addressed in the reports.