[JPMorgan: Investors Underestimate Potential Barriers to Tesla-SpaceX Merger] According to a report by Jinse Finance on July 8, JPMorgan analyst Rajat Gupta stated that although a merger between Tesla and SpaceX may appear "reasonable on paper," current speculation surrounding the merger underestimates the potential obstacles that could hinder the deal. Gupta noted that a merger would allow CEO Elon Musk to "unify the vision, mission, and engineering leadership of the two platforms," with the shared artificial intelligence ambitions of both companies serving as a "potential strategic adhesive." However, the analyst pointed out potential barriers, including regulatory approvals across multiple jurisdictions, governance and voting rights symmetry, and the perception that "the merger would be an acquisition led by SPCX rather than an equal merger." He added, "Overall, we will focus on SPCX's acquisition currency, the regulatory landscape, and Musk's voting power in Tesla as catalysts signaling the potential proximity of a merger." JPMorgan stated that if the deal were to occur, the most likely structure would be an all-stock acquisition of Tesla led by SpaceX. Gupta suggested that this structure might best bridge the valuation gap and avoid significant cash outflows. Gupta maintains a neutral rating on Tesla, with a price target of $475.