Tesla Holder Merz Sits Out SpaceX IPO in Bet on Musk Merger Bid

Merz reportedly passed on buying SpaceX in its initial public offering and chose to keep exposure through Tesla instead, based on the view that a future Musk-led corporate reshuffling could benefit Tesla shareholders.

That is the investor’s thesis, not an announced deal process: there is no public evidence that Tesla and SpaceX are in active merger talks, and no disclosed transaction structure points to an imminent combination.

The decision sets up a clear capital-allocation choice. Buying SpaceX in the IPO offers direct ownership in the rocket company at its public-market debut price.

Holding Tesla instead reflects a different bet: that any longer-term value created by changes across Musk’s businesses could accrue to Tesla holders without requiring a fresh purchase of SpaceX shares.

That framing matters because it treats the IPO less as a must-own event than as one branch in a simple decision tree. Investors who want immediate, standalone SpaceX exposure can buy into the offering; investors who think a later restructuring could matter more may prefer to stay in Tesla and wait.

One recent transaction inside Musk’s corporate orbit helps explain why that idea has traction. A congressional financial disclosure showed that a family investment in xAI, valued at $100,001 to $250,000, stood to benefit after xAI was folded into SpaceX ahead of the IPO.

That move is an established example of assets being combined within Musk-controlled companies, even though it does not point to Tesla being part of any similar step.

For the market, the implication is narrower than takeover chatter often suggests. SpaceX’s IPO is a direct opportunity to own the company on its own merits, while the Tesla-holding approach depends on an unproven scenario in which future corporate actions alter where value sits across Musk’s businesses.

The first path is concrete and priced now; the second rests on judgment about how Musk may organize assets later.

What is not evidenced is just as important. The available reporting does not show when Merz made the call, how large the Tesla position is, or what specific mechanics he has in mind for any potential combination, transfer, or other restructuring. It also does not show that Musk is currently pursuing a transaction involving Tesla and SpaceX.

Still, the reported choice captures a debate likely to follow SpaceX after its debut. Investors can either pay for direct exposure to the newly public company or hold Tesla on the theory that future restructuring, if it ever happens, could create overlap in the upside. Merz, by sitting out the IPO, appears to have chosen the second route.

Published at 2026-06-12T20:00:53.763222+00:00 UTC

Related Symbols

• TSLA — Tesla
• Selection note: Story centers on Tesla shareholders and a potential Musk-led merger involving private SpaceX/xAI, making TSLA the only directly relevant tradable symbol in the candidate list.

References

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