Merger talks between SpaceX and Tesla have put their combined Bitcoin holdings of 30,221 BTC in the spotlight. An announcement could come as early as December. Measured against a combined market value of about USD 3.4 trillion, however, the stake remains a fraction.
SpaceX is Elon Musk's space and rocket company. It carries out US national security contracts and acquired the AI firm xAI in February 2026. Tesla, by contrast, builds electric cars, including in China and at Gigafactory Texas. Musk controls more than 80% of the voting rights at SpaceX but only about 20% at Tesla. In early 2021, Tesla bought Bitcoin for USD 1.5 billion and sold about 75% of its holdings in 2022. SpaceX later disclosed its stake in its S-1, the prospectus ahead of its IPO in June 2026. In October, Musk also confirmed that both companies have formed special committees to review a merger. As of September 30, 2026, Tesla held 11,509 BTC, while SpaceX has disclosed 18,712 BTC. At the current price, that adds up to roughly USD 2.08 billion.
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30,221 Bitcoin spread across two balance sheets
Tesla lists 11,509 BTC in its quarterly report as of September 30, 2026. The cost basis is USD 386 million, but the balance sheet carries the digital assets at USD 962 million. At the quarter-end price of about USD 83,600, 11,509 BTC come to roughly USD 962 million. The balance sheet figure is therefore consistent. As a result, the position was worth about two and a half times its cost at the end of September. The unrealized gain stood at about USD 576 million.
With 18,712 BTC, SpaceX holds the larger share. According to its quarterly figures, the space company reported digital assets of USD 1.573 billion as of September 30. Converting the 18,712 BTC at the same quarter-end price gives roughly USD 1.56 billion. The order of magnitude thus matches the disclosed holdings.
Together, the two companies hold exactly 30,221 BTC. This total has been public since May 2026, when the SpaceX figure from the prospectus was already available. In addition, the Bitcoin price feeds directly into Tesla's earnings. Because the company measures its digital assets at fair value, changes in value run through the income statement. Due to this accounting, Tesla recorded a valuation gain of USD 288 million in the third quarter of 2026. The reported value rose from USD 674 million to USD 962 million. And a price decline would hit the same line.
For SpaceX and Tesla, Bitcoin is a marginal position
SpaceX had a market value of about USD 1.95 trillion in October, and Tesla stood at USD 1.48 trillion. Combined, that comes to USD 3.43 trillion. Against this, the USD 2.08 billion in Bitcoin represents a share of about 0.06%. The combined book values stood at roughly USD 2.5 billion at the end of September. On that basis, the share would also barely be higher, at about 0.07%. In October, Bloomberg put the possible combination at about USD 3.7 trillion, which makes the share even smaller. Bitcoin is therefore a side issue for the merger valuation.
Nor does Tesla's history with Bitcoin point to a conviction position. The carmaker first invested USD 1.5 billion in February 2021. In that same first quarter, it already sold Bitcoin worth USD 272 million. Later, in the second quarter of 2022, it sold about 75% of its holdings, which brought in USD 936 million. Musk cited the uncertainty caused by the Covid lockdowns in China. He said the move was not a verdict on Bitcoin. Tesla has neither bought nor sold since.
A merger alone would not change that. After all, the deal requires no purchases. Instead, the new company would simply combine the existing 11,509 and 18,712 BTC on one balance sheet.
The merger timeline remains open
Special committees at both companies are reviewing the combination. Musk is not taking part, since he sits on both sides and therefore has a conflict of interest. According to his comments in October, the parties have not yet agreed on terms. At Tesla, moreover, the bar is high. The merger would need the approval of 50% of all shareholders, not just a majority of the votes cast. Yet that is exactly where Musk controls only about 20% of the voting rights.
“I do think there’s a lot of merit to combining the companies.” - Elon Musk, CEO of SpaceX and Tesla
Several dates are circulating for the timeline. A Bloomberg report names December as the earliest date for an announcement, which could also slip to early 2027. Before that, Barclays analysts had even considered an announcement before December possible in October. Bloomberg itself, however, wrote in October that Musk is aiming for an announcement by the first half of 2027. That way, the deal could still close under the Trump administration. Tesla's annual meeting on December 3, 2026, will not bring a decision, though. The agenda includes the re-election of Musk, Robyn Denholm and JB Straubel, along with PwC as auditor. A merger proposal is missing.
A politically sensitive point adds to this. US bank JPMorgan points to the conflict between SpaceX's national security contracts and Tesla's large production base in China. At the same time, the bank expects an all-stock deal led by SpaceX. Originally, a different setup was on the table. In January 2026, Bloomberg reported that SpaceX was considering a merger with Tesla or xAI. At the time, the company chose xAI. In late May 2026, Musk then hinted at a tie-up with Tesla as well.
Two Bitcoin positions would become one
If the merger goes ahead, a single listed company would hold about 30,000 BTC on its balance sheet. Specialized treasury companies such as Strategy do hold many times that amount. Still, this total would have ranked fifth among publicly listed Bitcoin holders in May 2026. Yet the combined position would be a by-product of a possible share swap, not a strategic purchase.
The treasury policy of the new company would remain open. If it adopted Tesla's fair value accounting, price swings across the entire holding would flow into the income statement. Comparatively small price moves of USD 1,000 would then already equal about USD 30 million. Furthermore, Tesla showed in 2022 that an industrial company does sell Bitcoin in uncertain periods. So far, the available information on the merger still centers on committees and timing, not on Bitcoin. For the Bitcoin market, a combination would consequently mean, for now, a consolidation of existing holdings without additional demand.
