Musk hasn't bought a bitcoin in years. He might still become one of the biggest corporate holders on the planet.
CNBC reported Tuesday that Musk has been talking with people inside his companies about folding Tesla and SpaceX into one business. The merger story is about his empire - the bitcoin story is just a side effect.
CNBC's sources say Musk has openly discussed the deal with colleagues, and current Tesla workers have been expecting some version of this combo for a long time.
Growing overlap between the two firms - mostly around power needs and AI computing - has already pushed them closer together. Still, neither Tesla nor SpaceX has confirmed anything publicly.
But the timing is loud. SpaceX is expected to start trading on the Nasdaq next month at a private valuation - what investors think a company is worth - of roughly $1.25 trillion, after merging with Musk's AI company, xAI.
A Tesla-SpaceX deal would create one of the largest companies ever listed in the U.S. Its core lines would span EVs, rockets, satellite internet, AI models, and humanoid robots, with Tesla's market cap alone sitting near $1.6 trillion today.
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Tesla holds 11,509 bitcoin, while SpaceX sits on another 18,712. Combine them and Musk's empire would suddenly control 30,221 BTC, worth roughly $3.3 billion at today's prices.
That's enough to make the new company the 5th-largest corporate bitcoin holder on Earth.
The leaderboard ahead of Musk:
Strategy (Michael Saylor's firm)
Twenty One Capital (Jack Mallers)
Metaplanet (Japan)
Marathon Digital (mining)
Musk wouldn't have to buy a single coin to land in 5th place behind them.
Tesla first added bitcoin to its books in early 2021 with a $1.5 billion buy. The company then sold three-quarters of its stack by mid-2022 to free up cash, while SpaceX picked up its bitcoin around the same time and has reportedly held it ever since.
Even with 30,221 BTC, the combined firm would still trail Strategy by a wide margin. Saylor's company now holds more than 843,000 bitcoin - roughly 28 times the Tesla-SpaceX stack.
A Tesla-SpaceX tie-up would pull Musk's businesses even tighter together: EVs, rockets, AI, payments, satellite internet, and a $3.3 billion bitcoin stash, all under one roof.
Musk has never been quiet on crypto, moving the price of bitcoin and dogecoin with single posts for years. If the merger goes through, he'd hold the megaphone and a much bigger bag.
Shareholders would still have to vote on any deal, and regulators would take a hard look at folding one of the most valuable private firms on the planet into a public one. For now, it's a discussion - not a done deal.
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