Elon Musk's SpaceX filed a warning to investors that the company may issue "a significant amount of equity in connection with future transactions." The phrase was tucked into SpaceX's first official IPO amendment in the risk factors section, and it has fueled speculation about a potential Tesla-SpaceX merger.
Musk holds supreme voting power at SpaceX through his Class B shares, which carry 10 votes each compared to one vote per Class A share sold to the public. This means he could theoretically push through a merger without needing shareholder approval on SpaceX's side.
SpaceX is set to raise a reported $75 billion when it lists on Nasdaq, minus $20 billion earmarked for paying down old xAI and X debt. The company has been active on acquisition fronts, having acquired Musk's AI firm xAI last year and recently striking a deal with Cursor that includes a $60 billion stock purchase option post-IPO.
A Tesla-SpaceX combination would require Tesla shareholder approval and face significant regulatory scrutiny. Whether such a merger will actually occur remains unclear, but SpaceX's filing suggests major transactions may lie ahead.
