Musk backs SpaceX-Tesla merger as SpaceX posts $14.6B revenue

Elon Musk signaled support for a potential SpaceX-Tesla merger, stating it would be a "good idea," as SpaceX reported a surge in revenue and its first quarterly profit since its stock market debut. SpaceX shares rose nearly 5% following the announcement. Special committees of independent directors have been formed at both companies to examine the feasibility of the deal, at shareholders' request. Musk recused himself due to conflicts of interest, as he is CEO of both firms and holds a controlling stake in SpaceX. He cautioned that no terms have been reached and that approval would require a majority of all Tesla shares, calling it a "very high bar." SpaceX posted net income of $4.4 billion for the third quarter, reversing a $1.1 billion loss a year earlier, with revenue jumping 161% to $14.6 billion. The AI division, renamed "Super Intelligence," became the largest revenue source at $7.6 billion, surpassing Starlink's $5.2 billion.