Elon Musk said SpaceX and Tesla have each formed special committees to discuss a merger between the two companies. According to CoinDesk, the combination would put more than 30,000 bitcoin — roughly $2.5 billion at current prices — on a single combined balance sheet.

The announcement came as SpaceX reported its first-ever profit, a milestone that Investor's Business Daily reports sent the stock surging and helped lift tech futures on Wednesday morning.

A merger of a private space company and a publicly traded automaker would be unprecedented in scale and structure, and Musk gave no timetable or terms for the deal.

Investor's Business Daily noted that SpaceX's earnings popped as Wall Street mulled the Tesla merger possibility, meaning investors are simultaneously pricing in a profit turnaround and a structural combination.

CoinDesk's market coverage shows the news landed amid a broader risk-on bounce, with bitcoin rising to a one-week high near $83,500 — so the merged treasury's value would already be larger than when talks reportedly began.

CoinDesk reports bitcoin traded around $83,500, up 0.6% since midnight UTC and at its highest level in a week, while ether gained 0.6% to near $2,460. South Korea's Kospi rose 3.29% and Nasdaq 100 futures gained 0.44% in sympathy.

Still, CoinDesk's derivatives data shows the rally is not fully backed by fresh money: bitcoin's open interest rose about as much as its price over 24 hours, suggesting little new capital, and total open interest of $145 billion remains well below lifetime peaks.

Implied volatility is cooling, with bitcoin's 30-day BVIV index back below 40%.

The merger talk arrives just as the AI trade faces its stress test. CNBC quotes Jake Behan, head of capital markets at Direxion, saying hyperscaler guidance on ROI, data center spending and 2027 capex 'will arguably be more important than the headline earnings figures.'

Investor's Business Daily reported futures rose as SpaceX's 2027 data center expansion was framed as a potential game changer, and Super Micro results helped revive AI stocks.

The merger news broke in a heavy earnings week. CNBC reports the Dow jumped 529.85 points, or 1.02%, to 52,495.88 on Tuesday as upbeat results from 3M and Northrop Grumman and a drop in oil prices steadied a market previously pressured by AI-related debt and demand worries.

CNBC also reports Netflix fell more than 1% ahead of results, with analysts expecting 82 cents in EPS and $12.87 billion in revenue, while Meta Platforms was set to report after the U.S. close — a report CoinDesk flagged as a key catalyst for crypto and risk assets.

There is no binding agreement yet — only committees, per CoinDesk's report of Musk's announcement — so investors will watch for formal merger terms, shareholder mechanics for SpaceX's private shares, and how the combined bitcoin treasury would be managed.

CoinDesk notes the next big test for the broader AI trade is hyperscaler guidance over the coming weeks, and CNBC reports CoreWeave's five-year credit default swaps rose back above 1,121, a level generally considered a sign of distress.

A Tesla–SpaceX combination, if it progresses, would give both stories a single epicenter: one balance sheet spanning AI compute, rockets and crypto.