A potential merger between SpaceX and Tesla could bring approximately 30,220 Bitcoin worth $2.1 billion under one corporate roof. The move would consolidate Elon Musk’s two largest companies’ crypto reserves, although the holdings represent only around 0.06% of their combined $3.4 trillion valuation.

According to Bloomberg, the two companies could announce a merger agreement as early as December. The report, citing individuals familiar with the negotiations, said their boards and advisers are working on the transaction’s terms, corporate structure, and future management arrangements. However, the timeline is not final, and the announcement could be postponed until early 2027.

The proposed merger would combine the Bitcoin already held by both businesses. SpaceX reported 18,712 BTC in its September quarterly filing, while Tesla disclosed ownership of 11,509 BTC. Both companies maintained the same Bitcoin balances they reported in December 2025.

At Friday’s price of approximately $69,000 per Bitcoin, their combined reserves are valued at roughly $2.1 billion. This is relatively modest compared with their overall market value. SpaceX is valued above $1.9 trillion following its June IPO, while Tesla has a market capitalization of approximately $1.5 trillion.

Consequently, the combined Bitcoin holdings would account for only a fraction of the merged company’s potential valuation. The transaction itself would not require either business to purchase additional BTC, as it would simply bring their existing reserves together.

The latest combined estimate is also higher than CoinDesk’s January calculations. Earlier wallet tracking suggested that SpaceX and Tesla collectively held nearly 20,000 BTC, with approximately 8,285 BTC linked to SpaceX. However, later company disclosures showed that SpaceX had 18,712 BTC at the end of 2025. The difference stems from more complete financial reporting rather than a fresh Bitcoin buying spree.

Artificial intelligence appears to be a major driver behind the merger discussions. Bloomberg reported that Musk wants to connect the companies’ capabilities across several sectors, including rocket engineering, autonomous transportation, and humanoid robot development.

However, the proposed combination faces several potential complications. One significant challenge is maintaining separation between Tesla’s large-scale Chinese manufacturing operations and SpaceX’s sensitive U.S. government and defense contracts.

Tesla has reportedly formed an independent board committee to examine the proposed deal. The company’s filing states that any merger would require the committee’s recommendation and the necessary shareholder approval.

The developments come ahead of Tesla’s annual shareholder meeting on December 3, which could become an important date for investors seeking further clarity on the proposed combination.