SpaceX reports $4.4B profit as Musk backs Tesla merger vote

SpaceX reported a net income of $4.404 billion for the quarter ending September 30, marking its first profit since its shares started trading in June, according to econotimes.com. This contrasts with a loss of $1.054 billion in the same quarter last year, with revenue rising 161% to $14.575 billion.

Elon Musk, CEO of both SpaceX and Tesla, indicated on SpaceX's earnings call that any Tesla vote on a potential merger would require approval from 50% of all Tesla shares, not just votes cast, as reported by econotimes.com. Independent board committees from both companies are currently reviewing the possibility but have not agreed on transaction terms.

Musk described the merger as a "good idea" citing potential collaboration in areas such as software, chip design, robotics, and connectivity, according to econotimes.com. He also noted that shareholder requests led to the formation of independent committees to evaluate the merger, and he is not participating in their deliberations due to a conflict of interest.

Tesla's 2026 proxy filing shows it made an approximately $2 billion investment in SpaceX Class A shares earlier this year, as noted by econotimes.com. Euronews.com also highlighted Musk's support for the merger following SpaceX's profitable quarter, emphasizing the significance of this financial milestone for the rocket company.

BBC Business mentioned that Musk believes there is "a lot to be gained" from merging Tesla and SpaceX, which would be the largest merger in history if it proceeds. NBC Washington reported that both companies have formed committees to discuss the merger, reflecting ongoing formal evaluations.