巴克莱银行的分析师称，埃隆·马斯克旗下特斯拉公司与SpaceX的合并可能会在电动汽车制造商的年度股东大会之前宣布。
A merger between Elon Musk’s Tesla Inc. and SpaceX could be announced ahead of the electric-vehicle maker’s annual general meeting, according to analysts at Barclays.
丹·利维领衔的分析师预计，2026年的会议最晚将于12月6日举行。他们补充称，虽然这种组合会带来一些财务协同效应，但真正的价值在于两家公司人工智能技术的垂直整合。
Analysts led by Dan Levy expect the 2026 meeting to be held on Dec. 6 at the latest. They add that while there would be some financial synergies resulting from such a combination, the true value would be in vertical integration of the two companies’ artificial intelligence technologies.
“特斯拉与SpaceX的合并可能性已日益成为共识预期，”分析师们在周三发给客户的报告中写道。“虽然TSLA/SPCX合并公告的时间可能推迟至10月晚些时候，甚至可能延至11月初，但我们认为这种时间安排可能会越来越不利于作为年度股东大会一部分的合并批准。”他们补充道。
“The possibility of a Tesla/SpaceX merger has increasingly become the consensus expectation,” the analysts wrote in a note to clients on Wednesday. “While it’s possible that the timing of a TSLA/SPCX merger announcement could slip later into October or perhaps even until early November, we believe such timing may increasingly challenge merger approval as part of the AGM,” they added.
马斯克的两家公司合并一直是投资者和分析师广泛预期的事情，尤其是在SpaceX今年完成创纪录的首次公开募股之后。彭博新闻今年1月报道称，SpaceX曾权衡过与特斯拉合并，但最终决定收购马斯克的人工智能初创公司xAI。
A combination of the two Musk ventures has been widely expected among investors and analysts, especially after SpaceX completed a record initial public offering this year. Bloomberg News reported in January that SpaceX had weighed a Tesla merger before ultimately deciding to acquire xAI, Musk’s artificial intelligence startup.
截至纽约时间下午5点，特斯拉股价在盘后交易中基本持平，而SpaceX股价下跌0.4%。
Tesla shares were little changed in postmarket trading as of 5 p.m. in New York, while SpaceX shares slipped 0.4%.
SpaceX和特斯拉已经存在多种业务关联和重叠的投资者群体，此外马斯克还担任两家公司的首席执行官。火箭制造商已购买价值超过1亿美元的特斯拉Cybertruck，而xAI是特斯拉规模化电池的主要客户。
SpaceX and Tesla already have a number of business ties and overlapping investor bases, as well as Musk as the chief executive officer. The rocket maker has purchased more than $100 million worth of Tesla Cybertrucks, while xAI is a major customer of Tesla’s utility-scale batteries.
两家公司还在合作一个名为Terafab的芯片制造项目，该项目将为特斯拉的电动汽车、机器人出租车和Optimus机器人生产半导体，同时也为SpaceX的轨道人工智能卫星生产专用芯片。
The companies are also partnering on a chipmaking project called Terafab, which will produce semiconductors for Tesla’s EVs, robotaxis and Optimus robots, as well as a chip specifically for SpaceX’s orbital AI satellites.
马斯克最近谈到了他旗下两家最大公司互动和融合的各种方式，包括在最近一次财报电话会议上，他表示特斯拉与SpaceX“在许多方面存在重叠”。巴克莱表示，任何交易的主要障碍将是股东投票，因为特斯拉和SpaceX的股东很可能都需要批准该合并方案。
Musk has talked recently about the various ways that his two largest companies interact and converge, including on a recent earnings call when he said Tesla overlaps “on so many fronts with SpaceX.”Barclays says the main hurdle for any deal would be the shareholder votes, as both Tesla and SpaceX shareholders would likely have to approve the combination.
分析师写道：“在特斯拉2025年年度股东大会的投票中，大约11%的流通股票被标记为‘经纪人未投票’，这些实际上被算作‘反对’票，我们怀疑特斯拉将尝试提高股东参与度，以应对潜在的SpaceX合并投票。”
“Roughly 11% of total outstanding votes in Tesla’s 2025 AGM voting were ‘Broker non-votes,’ which are effectively counted as ‘Against’ votes, and we suspect Tesla will attempt to increase shareholder participation in a potential SpaceX combination vote,” the analysts wrote.