Tesla, strictly speaking, is a car company. But CEO Elon Musk has gone out of his way to tell investors he doesn't want it to be. The adrenaline-soaked Roadster EV unveiling — packed with aerial acrobatics — was another reminder.
Tesla (TSLA) was showing off its newest, fastest car. But it was also, in the eyes of many analysts, soft-launching a merger with SpaceX, of engineering, audacious flair, and Musk's ambitions.
The reactions from Tesla's sharpest observers underscored what was left unsaid. "So SpaceX buys Tesla this year. [That] has become obvious," wrote Gerber Kawasaki's Ross Gerber, a vocal Tesla shareholder and frequent commentator on Musk's business moves.
In, of course, a post on X.
The flashy Roadster unveiling placed an exclamation point on simmering chatter about an impending tie-up. Rumors and commentary have been circulating for months, highlighting the shared technology and partnerships that would make for a sensible marriage. Musk himself has heavily hinted at combining his two biggest companies, including on Tesla's latest earnings call. And last month, at the All-In Summit, he emphasized the collaboration between the two.
In a note to clients earlier this month, Barclays analyst Dan Levy said a tie-up "has increasingly become the consensus expectation." The Roadster event — light on details about the actual car business, but heavy on the pizzazz — prompted several other Tesla watchers to hint at or explicitly get behind that forecast.
A note by JPMorgan analysts led by Rajat Gupta pointed to Tesla glossing over what the Roadster means commercially for Tesla, instead showcasing its deep collaboration with SpaceX. Other reactions were more direct.
Gene Munster of Deepwater Management posted his two big takeaways on X Thursday night. "1. It was an engineering flex with no commercial value beyond embarrassing traditional car makers. 2. Elon can't wait to bring Tesla and SpaceX together."
