A potential combination would bring together 30,221 BTC already held by the companies. Independent committees have not agreed transaction terms.

Elon Musk confirmed that Tesla and SpaceX are exploring a merger that could combine their existing Bitcoin holdings under one company.

Speaking during SpaceX's Oct. 20 earnings call, Musk said both companies had established special committees of independent directors to evaluate a potential combination.

Musk described the merger as a good idea but said he would not participate in negotiations because of his ownership interests in both businesses. He also cautioned that the committees had not yet agreed on transaction terms and might never reach an agreement.

The potential deal would combine SpaceX's aerospace, satellite communications and AI operations with Tesla's electric vehicles, autonomous driving technology and humanoid robotics business. Musk highlighted opportunities to integrate their AI infrastructure, chip development and manufacturing capabilities, including the jointly developed Terafab semiconductor project.

The disclosure follows SpaceX's third-quarter results, with revenue up 161% to $15 billion, including $8 billion from its Super Intelligence segment.

Beyond its technology businesses, the proposed merger could consolidate two of the world's largest corporate Bitcoin treasuries.

According to the companies’ June 30 regulatory filings, SpaceX holds 18,712 BTC, while Tesla owns 11,509 BTC.

Their combined holdings of 30,221 BTC would be worth about $2,508 million at a Bitcoin price of around $83,000.

The combined entity would rank sixth among publicly traded corporate Bitcoin holders, behind Strategy , Metaplanet , Twenty One Capital, MARA Holdings and Strive, based on BitcoinTreasuries’ October 21 rankings and the companies' disclosed holdings.

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