SpaceX just went public — and everyone is already talking about the Tesla merger

TLDR

• SpaceX debuted on the stock market with a valuation of $2.1 trillion, making it the sixth-largest listed company in the United States.
• Investor Anthony Pompliano has publicly called on Elon Musk to merge Tesla and SpaceX into one company
• Wedbush analyst Dan Ives estimated the odds of a Tesla-SpaceX merger at about 80%.
• SpaceX’s S-1 filing warns of potential stock dilution, suggesting significant future transactions
• Gwen Shotwell, SpaceX’s chief operating officer, said the merger could make Musk’s life easier

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SpaceX priced its IPO at $135 per share. On its first day of trading, it rose to a high of $176.52 before closing at $160.95, a gain of nearly 19%.

Space Exploration Technologies Corporation, SPCX

This first-day performance gave SpaceX a market value of about $2.1 trillion. This puts it ahead of Tesla, which is worth about $1.52 trillion.

The debut was spot on SpaceX As the sixth most valuable publicly traded company in the United States.

Pompliano calls for Tesla-SpaceX merger

Investor and entrepreneur Anthony Pompliano used the IPO moment to make a public appeal to Elon Musk.

“As a Tesla shareholder, I hope Elon Musk merges Tesla with SpaceX as soon as possible. Give us one company to bet on the greatest entrepreneurs of this generation,” he wrote on X.

Pompliano’s point is straightforward. Musk’s work now includes electric cars, aerospace, artificial intelligence, robotics and social media. Investors currently have to buy multiple stocks to gain exposure to all of them.

The combined company will allow shareholders to restore Musk’s entire empire with a single investment.

Analysts and insiders weigh in

Wedbush analyst Dan Ives said last month that he places the odds on A.J Tesla-SpaceX tie at about 80%. He said that the links between Musk’s businesses are already starting to form.

SpaceX President and COO Gwen Shotwell went further, telling CNBC that the merger could make Musk’s life easier. This comment attracted attention because it came from within SpaceX itself.

Walter Isaacson, who wrote a biography of Musk, also pointed out potential overlaps between the two companies.

Investor Ross Gerber suggested that any deal would likely look more like SpaceX absorbing Tesla than a traditional merger between equals.

What does the SpaceX file say?

SpaceX’s S-1 filing included a warning to investors that the company may issue stock in connection with future transactions. This language is seen by many as an indication that there may be a significant amount of work involved.

Musk has a track record of consolidating his businesses. In early 2025, he integrated X into xAI. SpaceX then acquired the combined company in February through an all-stock deal.

A merger between Tesla and SpaceX would be much larger and more complex, given the two companies’ differences in shareholders, management structures, and capital needs.

Tesla shares closed on Friday at $406.43, up 1.74%, before falling slightly in after-hours trading.