SpaceX shares rose after a third-quarter report beat estimates and Elon Musk openly backed a possible merger with Tesla, but a Thursday tech sell-off erased those gains. Connectivity revenue, mostly from Starlink, climbed 69% to $5.2 billion, and Starlink added 1.6 million subscribers, bringing broadband consumer subscribers to just under 14 million. Bloomberg reported SpaceX is in talks with Crown Castle and American Tower to lease space on 80,000 US cell sites to build out a terrestrial network. SpaceX and Tesla have each formed special committees to explore a combination worth about $3.5 trillion, though Musk flagged the hurdle of approval from 50% of Tesla shareholders and Reuters reported his endorsement could delay the process by weeks. The Thursday slide also came as about 911.5 million insider shares became eligible for sale.
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SpaceXTSLAmergers and acquisitionsElon Musk
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/22/2026 | 704.59 |
| Change that session | -2.84% |
TSLA
▼ Likely negativeTesla, Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Automobile Manufacturers |
| Market cap | $1.4T |
| Close on 10/22/2026 | 374.67 |
| Change that session | -3.05% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- SpaceX earnings, tech sell-off lead to rocky week for investors
SpaceX beat estimates in its Q3 report and Elon Musk openly backed a merger with Tesla, sending shares up 9% on Wednesday, but a tech sell-off erased the gain on Thursday. Connectivity revenue, mostly from Starlink, rose 69% to $5.2 billion, and Starlink added 1.6 million subscribers, bringing the total to just under 14 million broadband consumer subscribers. Bloomberg reported SpaceX is looking to lease space on 80,000 US cell sites and is in talks with Crown Castle and American Tower. Both companies have formed special committees to explore a combination worth about $3.5 trillion, which needs approval from 50% of Tesla shareholders, while Reuters reported Musk's endorsement could delay the process by weeks. Shares are up 1% for the week, and Thursday's slide also came as about 911.5 million insider shares became eligible for sale.
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Elon Musk told Tesla shareholders he had 'said everything that should be said' about a possible merger with SpaceX, a day after endorsing the idea on SpaceX's third-quarter earnings call and disclosing that both companies have formed special committees to explore a transaction. The merger talk overshadowed Tesla's earnings, which showed declining auto revenue and an even steeper drop in its energy business. Tesla shares fell 3% on Thursday and are down 17% for the year, while SpaceX dropped 9%, erasing Wednesday's gains. William Blair analysts said the push is about control, noting Musk holds almost 80% of voting power at SpaceX but 19.8% of Tesla's shares. With SpaceX valued at close to $2 trillion versus about $1.5 trillion for Tesla, SpaceX would likely be the acquirer in a stock swap, and experts say regulatory hurdles, especially from China, could be steep.
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The $3,500 billion merger of SpaceX and Tesla could face major political hurdles in the US and China. Elon Musk called the idea “a good idea” and confirmed that committees at both companies are considering a possible deal. SpaceX is a key US defense and aerospace contractor, while Tesla has large-scale production in China, so both Washington and Beijing may reassess the strategic risks. Senator Cory Booker warned the deal could draw close scrutiny from regulators, and if Democrats win control of the House in the November 3 midterm elections, it could become a congressional investigation target. Experts said the deal could come with commitments to limit ties between the two companies, but one major risk is that it could be reversed in 2029.
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