马斯克称SpaceX与特斯拉合并是「好主意」：两家董事会已设特别委员会评估
马斯克10月20日在SpaceX第三季度财报电话会上表示，SpaceX与特斯拉两家公司的董事会已经各自成立由独立董事组成的特别委员会，评估两家公司合并的可能性。他说，特别委员会是应股东要求设立的，目前尚未就任何交易条款达成一致，也没有定出交易价格，合并能否成行并无定数。
马斯克是在回答德意志银行分析师Edison Yu的提问时作上述表示的。他说：「我认为合并会是个好主意。」他同时表示，由于自己同时担任两家公司的首席执行官、属于利益冲突方，他不能参加特别委员会的讨论：「这就像一场奇怪的歌舞伎表演，两组人在谈，而我不能在对话里。」他还说，把合并说成已成定局是夸大其词，最终必须得到股东支持。
马斯克列出的合并理由包括：两家公司在超级智能软件、芯片设计、双方合作的Terafab芯片项目、机器人，以及把货物送入轨道以支持卫星网络等方面有大量共同工作。他说，若推进合并，特斯拉方面需要获得全部已发行股份中多数股东的批准，他称这一门槛「相当高」；特斯拉12月3日年度股东大会的委托书文件中没有合并提案。
按10月20日收盘价计算，SpaceX市值约2万亿美元，特斯拉近1.5万亿美元，两家合计约3.5万亿美元。SpaceX当天公布第三季度营收145.8亿美元、同比增长161%，净利润44亿美元，每股收益35美分，高于市场预期（本站已另稿报道）。消息公布后，SpaceX股价在盘后交易中上涨约8%，特斯拉涨逾1%。特斯拉定于10月21日盘后公布第三季度业绩。
两家公司已有资本联系：特斯拉今年1月同意向马斯克的超级智能公司xAI Holdings投资约20亿美元；xAI并入SpaceX后，该投资转为SpaceX的A类股份，特斯拉已于3月12日完成购买。两家公司在业务上也多有合作：特斯拉向SpaceX出售储能产品与电动汽车，双方合作开发Roadster跑车与Terafab芯片项目；马斯克提到的合并理由还包括SpaceX的轨道超级智能数据中心项目「星智」（Starmind）。分析人士方面，CFRA分析师加勒特·纳尔逊称，合并「或许唯一的障碍」是说服投资者相信合并符合其最佳利益，可行的办法是提供「足够丰厚的收购溢价」；加拿大皇家银行分析师汤姆·纳拉扬曾设想每股480美元的组合交易方案——此为分析师设想，并非已公布的交易条款。（GSM据路透社报道）
Musk Calls a SpaceX-Tesla Merger 'a Good Idea' as Both Boards Form Special Committees to Review It
Elon Musk said on SpaceX's third-quarter earnings call on October 20 that the boards of SpaceX and Tesla have each formed a special committee of independent directors to evaluate a possible merger of the two companies. The committees were set up at the request of shareholders, he said; they have not agreed on any transaction terms, no deal price has been set, and a merger is not certain.
Answering a question from Deutsche Bank analyst Edison Yu, Musk said: "Do I think it would be a good idea? Yes." Because he is chief executive of both companies and a conflicted party, he said, he cannot take part in the special committees' discussions: "It's an odd kabuki dance where two groups of people are talking and I can't be in the conversation." He added that treating a merger as a certainty would be overstating it, and that shareholders ultimately have to be supportive.
Musk said the case for combining rests on shared work in superintelligence software, chip design, the Terafab chip venture, robotics, and getting mass to orbit for the satellite network. A merger would need approval from a majority of all outstanding Tesla shares, a threshold he called quite a high hurdle; Tesla's proxy for its December 3 annual meeting contains no merger proposal.
Based on Tuesday's closing prices, SpaceX is worth about $2 trillion and Tesla nearly $1.5 trillion, a combined value of about $3.5 trillion. SpaceX reported third-quarter revenue of $14.58 billion, up 161% year over year, with net income of $4.4 billion and earnings per share of 35 cents, above market expectations (reported separately by GSM). SpaceX shares rose about 8% in extended trading after the announcement, while Tesla gained more than 1%. Tesla is scheduled to report its own third-quarter results after the close on October 21.
The two companies already have a capital link: Tesla agreed in January to invest about $2 billion in xAI Holdings, Musk's super intelligence company; after xAI became part of SpaceX, the investment converted into SpaceX Class A shares, and Tesla completed the purchase on March 12, according to Tesla's proxy statement. The two companies also cooperate operationally: Tesla sells energy-storage products and electric vehicles to SpaceX, and the pair work together on the Roadster sports car and the Terafab chip project; Musk's case for combining also cited SpaceX's orbital SI data center project, Starmind. CFRA analyst Garrett Nelson has said that "perhaps the only barrier" to a merger is convincing investors that it is in their best interest, which could be done by offering a "sufficiently lucrative takeout premium"; RBC analyst Tom Narayan has floated a $480-a-share price as a possible combination scenario — an analyst scenario, not announced deal terms. (GSM, via Reuters)
来源：GSM·美国（原文链接）
图片来源：马斯克（白宫官方资料图，2025年2月内阁会议，公共领域）
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