SpaceX and Tesla Formed Committees to Weigh a $3.5 Trillion Merger. Musk Says It's a Good Idea, He's Not Allowed in the Room, and One 'Independent' Director Sits on Both Boards
About This Episode
On SpaceX's third-quarter earnings call on October 20, Elon Musk said the boards of SpaceX and Tesla have each formed special committees of independent directors, at shareholders' request, to evaluate a merger that would be the largest in history at about $3.5 trillion. Musk said he is recused as a conflicted party but thinks combining is 'a good idea' because of the 'superintelligence singularity' and overlap in AI software, chips and robotics. The same call showed SpaceX's AI unit, mostly a compute-rental business, out-earning Starlink for the first time, with capex set to double next quarter.
Our Take
The three things this show is named for, the minds, the bodies and the terawatts, are being moved under one roof and one controlling shareholder, and the only people allowed to judge whether that is a good deal are directors who already answer to him.
Continue Reading on Unscarcity
The Abundance Stack: When One Firm Owns Everything
Direct match: the article is about the Tesla-SpaceX merger itself and frames energy, chips, intelligence, robots and launch as one 'abundance stack' whose compounding efficiency and its monopoly danger are the same fact viewed from two sides.
Compute Landlords: When AI Builders Become Rentiers
SpaceX's AI unit now out-earns Starlink mostly by renting compute to Anthropic and Google on short contracts priced to rise at renewal, which is the article's toll-road-versus-utility fork playing out on the call.