SpaceX investors set to question Elon Musk over growing Tesla ties as merger speculation grows

The growing relationship between Elon Musk's two biggest companies, SpaceX and Tesla, is expected to be in focus today as SpaceX prepares for its first earnings webcast as a public company. Investors have lined up questions about whether the two companies could eventually merge and, more importantly, how closely they are already working together, according to a report by Bloomberg.

Ahead of today's earnings call, one of the top questions submitted through SpaceX's new Grok-powered investor Q&A portal asks: "Do you plan to merge Tesla with SpaceX?" But investors are also looking for answers on a much wider range of topics, including Terafab, Starlink, artificial intelligence (AI) infrastructure, semiconductor manufacturing, robotics and supply chains, all areas where the two companies have been working more closely together.

Merger speculation grows after recent report

The renewed focus comes days after The Wall Street Journal reported that Tesla had explored separating its China business as part of preparations for a possible combination with SpaceX. Elon Musk dismissed the report, while Tesla China called it "false information."

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The speculation has also gained momentum after RBC analysts said a merger between Tesla and SpaceX is strategically possible because of their growing operational ties. The analysts pointed to projects such as Terafab, a planned large-scale semiconductor manufacturing project, along with other shared technology initiatives.

Musk avoided answering the merger question

Questions about a possible merger have been circulating for months. During Tesla's July earnings call, Wells Fargo analyst Colin Langan directly asked Musk whether Tesla and SpaceX could eventually combine.

Responding to the question, Musk said, "Obviously, we can't talk about combining companies and that kind of thing on an earnings call," before passing the discussion to Tesla General Counsel Brandon Ehrhart.

Ehrhart instead highlighted Tesla's investment in SpaceX and the broader framework agreement between the two companies. Musk also pointed to what he described as "more and more overlap" between Tesla and SpaceX through projects including Terafab, the Starlink satellite internet system, the AI agent Digital Optimus and Grok.

Today's earnings call could offer more answers

Today's earnings webcast will be the first opportunity for investors to hear SpaceX's management discuss its relationship with Tesla since the company went public.

However, there is no guarantee that the merger question will be answered. Similar questions had repeatedly appeared on Tesla's Say.com investor portal before earlier earnings calls, but they were not included in the final Q&A sessions by Tesla's investor relations team.

Investors want to know more than just merger plans

Beyond merger speculation, investors also want to understand how Tesla and SpaceX are sharing technology, infrastructure, costs and responsibilities across joint projects.

While the possibility of a merger has grabbed the headlines, investors appear just as interested in learning how much the two companies are already working together behind the scenes.