États-Unis : « Ceux qui prendront l’épée périront par l’épée »… Musk menace avant les midterms

Elon Musk stated on Tuesday that he supports a potential merger between Tesla and SpaceX, a move that would create one of the most valuable corporate entities in global history. The billionaire tech entrepreneur, who serves as the chief executive officer and largest shareholder of both firms, disclosed during a video conference regarding SpaceX’s quarterly results that special committees have been established at both companies to explore the transaction. These committees were formed at the request of shareholders. While Musk described the combination as having significant merit, he emphasized that no final decision has been reached and that the process is still in its exploratory phase. The proposed union would combine two distinct industries under a single corporate umbrella. Tesla, primarily known for electric vehicles and energy storage, and SpaceX, focused on rocket launches and satellite internet, have increasingly overlapping interests in recent years. Both companies are heavily invested in artificial intelligence, robotics, advanced manufacturing, and satellite communications. Musk explained that the convergence of these technologies makes cooperation essential. He noted that the industry is approaching a "superintelligence singularity," making joint development of software, chip design, and robotic systems highly beneficial. By merging, the entities could streamline decision-making processes that currently require approval from separate boards and shareholder groups. This consolidation would allow management to deploy capital, engineering talent, and infrastructure more flexibly across their shared technological goals. Financial figures underscore the scale of this potential deal. SpaceX is currently valued at approximately $2 trillion, while Tesla stands at roughly $1.5 trillion. Together, the merged entity would hold a market value of about $3.5 trillion. This valuation would place the new company among the top five globally, trailing only Nvidia, Apple, Alphabet, and sitting near Microsoft in market cap rankings. Such a transaction would likely stand as the largest merger in history by deal value, surpassing SpaceX’s earlier acquisition of the AI firm xAI for $250 billion in February. For Musk personally, whose estimated wealth sits at around $920 billion, the merger could propel him back into the trillionaire ranks, depending on the final terms and investor reception. He owns approximately 48 percent of SpaceX and nearly 20 percent of Tesla. Despite his personal endorsement, Musk clarified that he is recusing himself from the committee discussions due to conflicts of interest arising from his dual roles as majority owner and executive of both firms. The special committees, composed of independent directors, must negotiate the terms of any agreement before submitting it to shareholders for a vote. Musk indicated that securing approval from at least 50 percent of all Tesla shareholders would be necessary for the deal to proceed. He cautioned against assuming the merger is guaranteed, describing such certainty as exaggerated given the complex regulatory and structural hurdles ahead. Investor reaction has been positive so far, with shares of both companies rising in after-hours trading following the announcement. SpaceX recently went public in June and reported a quarterly net profit of $4.4 billion, marking a return to profitability after previous losses. During the call, Musk projected that annual recurring revenue for the combined operations could range between $500 billion and $1 trillion by the end of 2027. The company’s revenue streams are diversifying beyond traditional rocketry, with substantial income now generated by the Starlink broadband service and emerging AI computing centers. Musk also hinted at future plans for orbital data centers, though technical feasibility remains a subject of debate among experts. However, analysts have raised concerns about the practicalities of such a massive integration. Regulatory obstacles present a significant challenge, particularly concerning Tesla’s operational presence in China and SpaceX’s extensive contracts with the United States defense sector. Morningstar analysts warned that the merger could trigger national security reviews regarding the combined company’s supply chains. JPMorgan analysts offered similar caution, noting the complexity of integrating two such distinct business models. Despite these warnings, supporters of the merger argue that the combined entity would allocate capital more efficiently and strengthen its competitive position in key markets including autonomous driving, satellite connectivity, and human-like robotics. This announcement follows months of speculation regarding a link between the two companies. As early as July, Musk mentioned increasing overlaps between Tesla and SpaceX during an earnings call, citing their shared expansion into AI and robotics. More recently, Barclays analysts suggested that a formal announcement might precede Tesla’s annual shareholder meeting scheduled for December. Until now, Musk had remained evasive about definitive timelines, often deflecting questions about a formal merger. Tuesday’s statement marks the first official confirmation that the companies are actively examining a combination through structured governance channels. The strategic rationale extends beyond simple financial synergy. Musk views the merger as central to his long-term vision of building an integrated technology and manufacturing empire. This empire spans energy, transportation, communication, and computation, both on Earth and potentially in orbit. By uniting the companies, he aims to reduce bureaucratic friction that currently slows down cross-company initiatives. Projects that already span both organizations, such as advanced chip design and robotic platforms, would benefit from unified oversight. The move also addresses Musk’s desire for greater influence over Tesla’s strategic direction, particularly regarding its pivot toward self-driving robotaxis and humanoid robots. Currently, his voting power is split across the two entities, limiting his ability to drive coordinated innovation. Market observers are watching closely for further developments. The formation of the special committees signals a shift from casual discussion to formal evaluation. Investors will look for signs of progress in the coming weeks, particularly as the committees assess the legal, financial, and operational implications of the deal. The outcome will depend heavily on whether the independent directors can find common ground on valuation and structure. If successful, the merger would redefine the landscape of the technology sector, creating a behemoth capable of dominating multiple high-growth industries simultaneously. Failure, however, could result in prolonged uncertainty for stakeholders who have bet on the synergistic potential of Musk’s portfolio. For now, the focus remains on the ongoing deliberations within the committees. Musk reiterated that the decision ultimately rests with these bodies and the subsequent shareholder votes. He expressed confidence in the underlying logic of the merger but stopped short of predicting a specific timeline for completion. The stock market’s initial positive response suggests that investors view the prospect favorably, despite the acknowledged risks. As the mid-term political climate in the United States heats up, with elections approaching in November, the business moves of major donors and influential figures like Musk continue to draw attention. His recent comments on political matters, including threats directed at potential parliamentary investigations, add another layer of scrutiny to his corporate decisions. Yet, the primary narrative surrounding the Tesla-SpaceX talks remains firmly rooted in technological ambition and market dominance.