SpaceX and Tesla have formed special committees of independent directors to examine a possible merger, according to Elon Musk, who leads both companies. The move follows a 9% premarket rise in SpaceX’s stock after the firm reported third‑quarter revenue of $14.58 billion and earnings per share of 35 cents, both above analyst expectations. Tesla is scheduled to release its earnings after Wednesday’s market close, with analysts projecting $28.13 billion in revenue and adjusted earnings of 44 cents per share.

Musk said the committees are reviewing a combination that would consolidate the companies’ bitcoin holdings, which total 30,221 BTC. The merged treasury would include 18,712 BTC held by SpaceX and 11,509 BTC owned by Tesla. No definitive terms have been reached, and the committees have not yet reached agreement on any transaction details.

Musk’s ownership stakes differ between the two firms. A June filing indicated he holds roughly 36% of SpaceX’s outstanding shares, rising to 48.4% when restricted shares and unexercised options are considered. In Tesla, his beneficial ownership stands at 19.8%, including compensation‑related restricted shares. Because of these holdings, Musk is excluded from participating in the committees’ discussions, describing the process as an “odd kabuki dance” in which he cannot directly engage.

The potential merger raises questions about governance, capital allocation and the future of the two high‑profile enterprises. While Musk expressed personal support for a tie‑up, he emphasized that shareholder approval will ultimately determine whether any transaction proceeds.