埃隆·马斯克周三对特斯拉股东表示，就与SpaceX的潜在合并而言，他已经“说了该说的一切”。特斯拉投资者关系负责人在开放分析师提问前告诉他们，高管们“将不讨论”此事。
Elon Musk told Tesla shareholders on Wednesday that, when it comes to a potential merger with SpaceX he'd already " said everything that should be said." Tesla's head of investor relations told analysts before opening the call to their questions that execs "will not be addressing" the matter.
一天前，马斯克在SpaceX第三季度财报电话会上对潜在合并表示支持，确保了这两家万亿美元公司的联姻将在可预见的未来成为华尔街的主导话题。
A day earlier, Musk had already ensured that a tie-up between his trillion-dollar companies would be a dominant topic of conversation on Wall Street for the foreseeable future, after he endorsed a potential merger on SpaceX's third-quarter earnings call.
“我认为这是个好主意吗？是的，”马斯克周二表示，透露两家公司均已成立特别委员会探讨交易事宜。
"Do I think it would be a good idea?
尽管马斯克表示，他公开评论此事是在“雷区上踩钢丝”，但分析师、投资者和粉丝长期以来都对“马斯克经济学”以及将电动汽车和人形机器人开发与可重复使用火箭、卫星通信和人工智能结合在一起的大型企业集团前景情有独钟。
Yes," Musk said Tuesday, revealing that both companies have formed special committees to explore a transaction.
合并传闻掩盖了特斯拉的财报，财报显示汽车收入下降，能源业务跌幅更为陡峭。马斯克一直向华尔街推销其电动汽车制造商的未来愿景，该愿景建立在Robotaxi（无人驾驶出租车）和人形机器人之上，而非汽车销售。但该公司的自动驾驶技术仍在开发中，其Robotaxi服务处于非常早期阶段，其Optimus（擎天柱）机器人尚未准备好进行大批量生产。
While Musk said he was "tap dancing through a minefield" by publicly commenting on the issue, analysts, investors and fans have long been enamored by the " Muskonomy " and the prospect of a conglomerate that would bring electric vehicle and humanoid robot development together with reusable rockets, satellite communications and artificial intelligence. Merger chatter overshadowed Tesla's earnings report, which showed declining auto revenue and an even steeper drop in the company's energy business. Musk has been selling Wall Street on a future for his electric vehicle maker that's built around robotaxis and humanoid robots more than auto sales.
特斯拉股价周四下跌3%，今年以来累计下跌17%。SpaceX股价暴跌9%，抹去了周三的涨幅，使股价回落至该公司6月上市首日开盘价之下。
But the company's self-driving technology is still in development, its Robotaxi service is very early and its Optimus robots aren't ready for high-volume production. Tesla shares fell 3% on Thursday and are now down 17% for the year.
威廉·布莱尔公司的分析师周四在研报中写道，马斯克追求合并关乎控制权，而非强化其业务。
SpaceX plunged 9%, wiping out its gains from Wednesday, and putting the stock back below its opening price that followed the company's market debut in June.
“我们完全尊重重叠与合作的潜力，但认为这是一个真正独特的案例，马斯克经营这两家公司的方式几乎就像它们已经是一个实体了，”分析师写道。“我们很难找到一个只有通过正式合并才能实现的重大机会。”特斯拉和SpaceX未回应置评请求。
Analysts at William Blair wrote in a note on Thursday that Musk's quest for a merger is all about control, not strengthening his businesses. "We fully respect the overlap and collaboration potential, but view this is a truly unique case where Musk runs both companies almost as if they are one entity already," the analysts wrote. "We are hard-pressed to find a material opportunity that could only be achieved by an official combination."
投票权 在SpaceX，马斯克拥有决定权。这位世界首富持有10比1的超级投票权股份，掌握近80%的投票控制权。SpaceX在其首次公开募股（IPO）招股说明书中表示，因为它是一家“受控公司”，A类股东不享有纳斯达克“公司治理要求”下股东所获得的同等“保护”。特斯拉则是另一番光景。根据该公司最新的代理人申报文件，马斯克实益持有19.8%的股份。
Tesla and SpaceX didn't respond to requests for comment. Voting power At SpaceX, Musk calls the shots. The world's richest person has 10-to-1 supervoting shares and almost 80% voting control. Because it's a "controlled company," Class A shareholders don't have the same "protections afforded to shareholders of companies that are subject to all of the corporate governance requirements" of the Nasdaq, SpaceX said in its IPO prospectus Tesla is a different story. According to the company's latest proxy filing Musk beneficially owns 19.8% of the shares.
在SpaceX的财报电话会上，马斯克表示，在特斯拉，“我们将需要所有股份的50%投票——不仅仅是参与投票者的股份，而是所有股东的股份，这是一个相当高的门槛。”他说自己是“利益冲突方”，不能参与双方的讨论。
On SpaceX's earnings call, Musk said at Tesla, "we will need a 50% vote of all shares — not just those who vote — but of all shareholders, and that's quite a high hurdle." He said he's a "conflicted party," and can't be in the discussions between the two sides.
SpaceX目前的市值接近2万亿美元，而特斯拉估值约为1.5万亿美元。这将使SpaceX在股票置换中成为收购方，并可能让马斯克获得控制合并后实体的最佳机会。
SpaceX currently has a market cap of close to $2 trillion, while Tesla is valued at around $1.5 trillion. That would make SpaceX the acquiring company in a stock swap, and potentially give Musk the best chance of controlling a combined entity.
哥伦比亚大学法学教授、公司法专家埃里克·塔利告诉CNBC，合并可能缓解股东对马斯克将时间和公司资源花在何处的担忧。
Eric Talley, a law professor at Columbia University and corporate law expert, told CNBC that a merger could alleviate shareholders' worries about where Musk is spending his time and his companies' resources.
塔利表示，两家投资者群体共同关心的一个问题是，随着两家公司在机器人和人工智能领域趋同，各项计划应由哪个实体来承载。
Talley said one concern among both investor bases is which entity should house various initiatives around robotics and AI as the two have converged in those areas.
塔利说：“这引起了股东的不满，还引发了一些诉讼。我确实认为，两家公司的股东都能从解决这一问题中获益，这也能避免因忠诚度分裂而引发的诉讼。”专家表示，即使各自董事会就合并达成一致，监管障碍也可能十分严峻。
"That caused dyspeptic feelings amongst shareholders, and some lawsuits," Talley said. "I do think that shareholders of both companies stand to gain in resolving this, and it also protects against litigation over divided loyalties."
前特斯拉董事会成员史蒂夫·韦斯特利周四对CNBC的大卫·法伯表示，他认为两家公司将迅速采取行动宣布合并提案，最好“能在选举前完成就尽量在选举前完成”。距离中期选举不到两周，选举结果可能使国会翻盘，转向有利于民主党。
Even if the respective boards come to terms for a merger, regulatory hurdles could be steep, experts say. Former Tesla board member Steve Westly CNBC's David Faber on Thursday that he thinks the companies will move quickly to announce a merger proposal, ideally "before the elections if they possibly can."
韦斯特利说，最大的问题将是，“监管机构会怎么说，SpaceX需要做什么才能完成这笔交易”。
The midterms in less than two weeks could flip Congress in favor of Democrats.
韦斯特利表示，在美国以外，两家公司还必须应对中国。就汽车制造而言，中国是特斯拉的关键市场，去年还占该公司营收的22%。塔利指出，中国国家安全监管机构很可能对这样的交易特别感兴趣，因为“现在大概有数十万辆特斯拉——带轮子的电脑——在路上行驶”。与此同时，他说，SpaceX的星链星座中的卫星不断向美国政府输送数据。
The big question is going to be, "What are regulators going to say, and what will SpaceX have to do to get this done," Westly said. Outside the U.S., Westly said the companies have to deal with China. That's a critical market for Tesla in terms of vehicle manufacturing, and it also accounted for 22% of the company's revenue last year Talley noted that China's national security regulator would likely have particular interest in such a deal because there are "probably hundreds of thousands of Teslas, computers on wheels, driving around right now," he said. Meanwhile, SpaceX has satellites in its Starlink constellation that are constantly feeding data to the U.S. government, he said.
北京Counterpoint Research分析师凯文·李在一封电子邮件中表示：“反垄断审查、国家安全考量（鉴于SpaceX的军事合同）以及跨境监管审查都构成了重大挑战。”虽然马斯克没有给出完成交易的时间表，但他近来的交易风格非常活跃，包括将自己的公司整合在一起。今年早些时候，SpaceX收购了马斯克的xAI，该交易对合并后实体的估值为1.25万亿美元，并为创纪录的IPO奠定了基础。去年，马斯克将xAI与X（前身为Twitter，他于2022年以440亿美元收购）合并。
Kevin Li, an analyst at Counterpoint Research in Beijing, said in an email that, Antitrust scrutiny, national security considerations (given SpaceX's military contracts), and cross-border regulatory reviews all present significant challenges." While Musk didn't provide a timeframe for getting a deal done, he's been highly transactional of late, including bringing his own companies together. Earlier this year, SpaceX acquired Musk's xAI in a deal that valued the combined entity at $1.25 trillion and set the stage for a record IPO. Last year, Musk brought together xAI and X, formerly known as Twitter, which he purchased for $44 billion in 2022.
8月，SpaceX完成了以600亿美元收购AI编程初创公司Cursor的交易。
And in August, SpaceX closed its $60 billion purchase of AI coding startup Cursor.
上周四，就在马斯克提出合并构想的几天前，他发布了特斯拉新版Roadster的原型车，该车依靠SpaceX技术实现悬浮功能。发布会在SpaceX试验场进行直播，进一步助长了酝酿数月的合并猜测。
Last Thursday, just days before Musk floated the merger idea, he unveiled a prototype of Tesla's refreshed Roadster which relies on SpaceX technology so it can hover. The event was livestreamed from a SpaceX test site, adding to merger speculation that had been building for months.
在SpaceX于6月进行首次公开募股（IPO）之前，首席运营官格温·肖特韦尔曾对CNBC表示，合并“可能会让埃隆的生活轻松一些”。“我们都在为未来努力的目标正在趋同，”肖特韦尔说。“但目前我专注于维持公司的正常运营。”奥本海默分析师称SpaceX与特斯拉合并“几成定局”
Ahead of SpaceX's IPO in June, COO Gwynne Shotwell told CNBC that a merger "might make Elon's life a little easier." "There's a convergence of what we're all trying to accomplish in the future," Shotwell said. "But right now I'm focused on keeping the lights on here." Oppenheimer analyst says SpaceX-Tesla merger is 'pretty inevitable'
