Revision History

Elon Musk is pushing to merge SpaceX and Tesla into a $3.4 trillion combined entity just weeks before SpaceX's historic IPO, but the deal would produce a company that loses money from day one. The proposed merger raises questions about shareholder dilution, self-dealing, dual-class governance, and regulatory conflicts spanning NASA, the Department of Defense, and antitrust authorities — even as some analysts argue the vertical integration thesis could reshape the aerospace-energy landscape.