[Analysis: SpaceX IPO May Become Tesla's 'Lifeline,' Financial Logic and Profitability in Question] Odaily Planet Daily News – Market analysis suggests that if the merger deal between SpaceX and Tesla, driven by Elon Musk, is implemented, SpaceX may need to issue new shares equivalent to 94% of its current outstanding shares to acquire Tesla, increasing the total share count to approximately 8 billion. However, the financial logic of the transaction faces challenges. Tesla's GAAP net profit over the past 12 months has dropped from $15 billion in 2023 to $3.9 billion, with core operating profit—excluding regulatory credit income and Bitcoin gains—amounting to only about $2.3 billion. Analysts believe this transaction essentially involves using a highly valued asset to acquire another company with similarly inflated valuation, with significant uncertainty remaining regarding its long-term profitability and cash flow performance. Post-merger, the company's valuation could reach $3.4 trillion, with SpaceX expected to be valued at $1.75 trillion and Tesla's current market value at approximately $1.65 trillion. Musk may leverage the high valuation brought by SpaceX's upcoming IPO to support Tesla, which is under performance pressure. (Fortune)