Analysis: If SpaceX merges with Tesla, it could create a $3.4 trillion super enterprise According to BlockBeats, on June 1st, Fortune analyzed that if Musk promotes the merger of SpaceX and Tesla, the new company's valuation may reach about $3.4 trillion, with SpaceX valued at about $1.75 trillion and Tesla valued at about $1.65 trillion. This will become the largest corporate merger and acquisition transaction in history, with a volume close to three times that of the current largest merger and acquisition case. However, the financial rationality of the transaction is being questioned. Analysis suggests that SpaceX needs to issue new shares equivalent to approximately 94% of its existing share capital to complete the acquisition, while Tesla's profitability has significantly declined in recent years, with its GAAP net profit dropping from $15 billion in 2023 to approximately $3.9 billion. After excluding regulatory points and Bitcoin earnings, its core operating profit is only about $2.3 billion. The report suggests that this move is more like using the market's high valuation expectations for SpaceX's IPO to provide support for Tesla, rather than a merger driven by traditional financial indicators. [Original link]