Tesla Shares Price in SpaceX Deal Premium as Special Committees Review Potential Merger

Tesla traded at $395.15, pricing in an estimated merger premium of $20 to $40 per share above pre-announcement levels, while implied valuation without a SpaceX deal stands between $355 and $372. Discussions intensified after Elon Musk floated a combination and special committees were established to evaluate synergies across artificial intelligence, chips, and robotics. JPMorgan modeled a potential 30% to 35% premium in an all-stock transaction valuing Tesla at $480 to $500. However, the market is discounting the deal amid hurdles including SpaceX's $35 billion cash-flow gap and regulatory reviews.