SpaceX Investors Press Musk on Tesla Merger Ahead of Earnings

3-line summary

• Ahead of SpaceX's quarterly earnings webcast Tuesday at 4:30pm ET, shareholder-submitted questions showed "When will SpaceX merge with Tesla?" as the second-most-upvoted question with 26 votes on SpaceX's investor site, while the same question drew 128 votes on Tesla's investor relations site; the top SpaceX question (38 votes) concerned progress on Starship's lunar lander hardware, with retail investors focused more on Starship and analysts/institutional investors more on AI revenue and spending.
• Barclays said a merger announcement could come before Tesla's annual shareholder meeting, with SpaceX more likely to be the acquirer; Starlink is profitable and supports heavy investment in chips, ground data centers, and Grok, but losses at the AI business have grown significantly, with AI revenue concentrated among a small number of customers including Google and Anthropic, and compute contracts cancelable with about 90 days' notice.
• Institutional investors also asked what would happen to Google's contracted computing capacity if a court order halted gas turbines at the Memphis Colossus 2 data center; neither Musk nor SpaceX nor Tesla had officially confirmed or committed to a merger as of the report, and no valuation or deal terms were disclosed.

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