Tesla and SpaceX Declines Weigh on Merger Valuations Amid Regulatory and Voting Hurdles
Key Facts
SpaceX shares closed at $139.75 and Tesla shares at $390.84 on November 11, 2026, according to EL7 data records. The prices come as two independent special committees consider a possible merger between the companies, Bloomberg Law reported. But they do not establish that SpaceX shares fell 13%, and a separate estimate that the deal would require an increase in the number of shares issued could not be verified. The effect of these prices on exchange terms or shareholders’ stakes therefore cannot be determined. The merger remains under consideration; it has not been announced or finalized.
Bloomberg valued SpaceX at about $2 trillion, compared with a value of roughly $1.5 trillion for Tesla, in a report published in October 2026. Those estimates put the companies’ substantial size disparity in the background of merger discussions. In October, Elon Musk said Tesla needs approval from 50% of all its shareholders for the deal. He also said it would be an exaggeration to call a merger inevitable. The deal’s path therefore depends on a shareholder decision, as well as the committees’ conclusions.
The companies have existing commercial ties: Bloomberg reported that SpaceX bought more than $100 million worth of Cybertrucks from Tesla, and that xAI is a major customer for Tesla batteries used in utility projects. SpaceX also has exposure to the data center sector: the company said more than half of its third-quarter 2026 sales came from renting out computing capacity. That has made its exposure to the sector a focus of investor discussions after the midterm election results raised concerns about data center expansion. Goldman Sachs analysts estimated that Democratic gains at the state and municipal levels could lead to a temporary freeze on data center projects, potentially affecting about 45% of planned U.S. capacity expansion. This context places SpaceX’s computing business among the factors associated with its valuation, without determining the merger’s fate.
On November 5, SpaceX shares fell about 9% and Tesla shares dropped more than 11%, as part of a sell-off that Reuters attributed to investor concerns about a slowdown in data center construction after Democratic gains in the midterm elections. The report said the companies were on track to lose more than $380 billion in market value during the week of November 2–6. Those figures relate to that week’s moves and do not establish a 13% decline in SpaceX shares on November 11. They also do not establish that the number of shares needed for any deal increased by a specific percentage. EL7’s recorded closing prices on November 11 were $139.75 for SpaceX and $390.84 for Tesla.
On the exchange terms, a Reuters report on October 21 said estimates of the exchange premium Tesla shareholders might receive ranged from close to zero to 35%. The range reflects continued disagreement over the potential consideration and does not set a final exchange ratio or the number of shares either company would issue. On November 5, Dan Ives said the deal’s regulatory path had become more difficult and that completion could extend into 2027. The regulatory timetable, along with the exchange terms, therefore remains part of the discussion. The available evidence gives no final deadline for completion.
In its filing with the Securities and Exchange Commission, SpaceX said its special committee had not made a decision on the deal and that any potential agreement would require additional approvals. The company added that “there can be no assurance that any agreement will be reached or any transaction will be consummated.” It also said approval from its board and controlling shareholder is required. The committee may also decide not to recommend any deal it does not consider to be in shareholders’ interests. These conditions leave a merger possible without guaranteeing that it will reach the agreement or completion stage.