Reuters exclusive: 3 TSLA-SPCX merger structures — SPCX acquires TSLA / New holdco / All-stock swap · Apollo & Goldman Sachs 8.3% deal financing
Published · Updated · By Investus editorial desk (SUNRYU Partners)
Reuters exclusively reported three TSLA-SPCX deal structures under consideration: ① SPCX acquires TSLA (Tesla shareholders receive SpaceX stock); ② Both become subsidiaries of a new holding company; ③ All-stock transaction (no cash). Apollo and Goldman Sachs are reportedly preparing to underwrite SpaceX lower-rated debt at ~8.3% (Semafor). Combined market cap: ~$3.63T (SPCX $2.10T + TSLA $1.53T), 5th globally.
What Happened
Reuters exclusively reported the specific deal structures being explored for the TSLA-SPCX merger. SpaceX has approached Tesla in recent months; advisors have been hired on both sides. Three structures under consideration: ① SPCX acquires TSLA: Tesla shareholders receive SpaceX stock as consideration — TSLA holders become SpaceX shareholders directly. ② New holding company: both companies become subsidiaries of a new parent, maintaining separate legal entities. ③ All-stock transaction: no cash, companies exchange shares to complete the deal. Reuters noted: 'These are possibilities being discussed, not agreed terms.'
Apollo and Goldman Sachs are reportedly preparing to underwrite SpaceX lower-rated debt at approximately 8.3% (Semafor). Financing advisor appointment signals the deal has moved past exploratory discussion. Combined: SPCX $2.10T + TSLA $1.53T = $3.63T — 5th globally (behind Nvidia $5.36T, Apple $5.02T, Alphabet $4.09T, Microsoft $3.96T).
More Context
Funding advisor appointment by Apollo and Goldman is a material M&A procedural step. The 8.3% rate is appropriate for SpaceX's credit profile at this scale — standard for a large-cap M&A financing. Under structure ①, TSLA shareholders become SpaceX shareholders immediately — this is the basis for Kevin O'Leary's statement: 'If you own Tesla you'll own the new company.'
Structure ②: Separate operating entities under a holdco allows flexible regulatory treatment across aerospace (SpaceX), automotive (Tesla), and energy segments. Structure ③ (all-stock): the most tax-efficient path, no cash outflow needed.
Key View
Gene Munster (Deepwater Asset Management): 'This is the most synergistic merger I've ever analyzed.' Reuters reporting specific structures and advisor names signals the deal graduated from rumor to formal legal process. Barclays previously estimated a combined entity valuation of $16.8T at full synergy realization. Public Reuters reporting means the deal is concrete enough to withstand scrutiny.
Sources & further reading
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Disclaimer
This article is editorial research for informational purposes only. It is not investment advice, a recommendation, or a solicitation to buy or sell any security, and does not guarantee any return. Markets carry risk of loss. Verify figures against the primary sources before making decisions.