# Barclays: Tesla-SpaceX Merger Could Be Announced Before Early December

> Barclays says Tesla-SpaceX merger might be announced by early December.
- Title: Barclays: Tesla-SpaceX Merger Could Be Announced Before Early…
- Summary: Barclays says Tesla-SpaceX merger might be announced by early December. Barclays reports Tesla and SpaceX could merge before Tesla's December 6 shareholder…
- Keywords: tesla, spacex, barclays, elon musk, terafab, dan levy, xai, optimus, cybertruck, merger, shareholder meeting, vertical integration
- Source: BigGo Finance — https://finance.biggo.com/news/b5af24cb-bbb7-49e2-af85-7fe534ace9a9
- Author: BigGo Finance
- Published: 2026-10-15T08:25:39+00:00
- Read time: 1 min
- Topics: tesla, spacex, barclays, elon musk, terafab, dan levy, xai, optimus, cybertruck, merger, shareholder meeting, vertical integration
## Barclays Report
Barclays analyst Dan Levy states Tesla-SpaceX merger could be announced before Tesla's December 6 shareholder meeting.

> The possibility of a Tesla/SpaceX merger has increasingly become a market consensus expectation.
## Terafab Project
Terafab semiconductor project with $16.8 billion first-phase investment is key catalyst for merger.

> The Terafab semiconductor manufacturing project, with a first-phase investment of $16.8 billion, is the key catalyst for the merger.
## Merger Structure
Most likely deal: SpaceX all-stock acquisition at 0.7 shares per Tesla share.

> The most likely structure would be an all-stock acquisition of Tesla by SpaceX, with an estimated exchange ratio of 0.7 SpaceX shares per Tesla share.
## Musk's Stake
Musk would hold 37% of combined company and control 56% of voting power post-merger.

> Upon completion, Musk would hold approximately 37% of the combined company and control roughly 56% of voting power.
## Shareholder Hurdle
Shareholder votes are the biggest hurdle for Tesla-SpaceX merger approval.

> Shareholder votes are seen as the biggest hurdle.
## Business Overlap
SpaceX buys Cybertrucks, xAI uses Tesla batteries, and Tesla vehicles use Starlink satellite internet.

> SpaceX has purchased more than $100 million worth of Cybertrucks from Tesla; xAI is a major customer of Tesla's utility-scale battery energy storage systems; Tesla's robotaxis use xAI's fleet management software; Tesla vehicles use Starlink satellite internet connectivity.
## Market Context
SpaceX IPO in June was largest in history, with Tesla at $1.5 trillion and SpaceX at $2.1 trillion market cap.

> SpaceX completed its $75 billion initial public offering in June, the largest IPO in history, while Tesla stands at roughly $1.5 trillion.
## Shareholder Vote Details
Tesla has 11% 'broker non-votes' in 2025 annual meeting, which count as 'against' votes.

> In Tesla's 2025 annual shareholder meeting vote, approximately 11% of total outstanding votes were 'broker non-votes,' which effectively count as 'against' votes.
## Merger Timeline
Merger could be announced by early December, with late October to early November as possible window.

> The report identifies late October to early November as a possible window for merger announcement, though the longer the delay, the harder shareholder approval becomes.
## Key takeaway

Barclays reports Tesla and SpaceX could merge before Tesla's December 6 shareholder meeting, with Terafab semiconductor project as key catalyst.