Some investors have raised the prospect that SpaceX could acquire Tesla within weeks at $420 per share.

CleanTechnica, an electric vehicle outlet, reported on Oct. 20 that Gary Black (게리 블랙), known as a Tesla bull, recently saw a higher chance of a tie-up between SpaceX and Tesla right after a Roadster event.

The core of the view is not simple cooperation but the potential for a governance overhaul. Black said of the Roadster event held last week, "I agree with the view that the Roadster event's only purpose was to create a rationale for a SpaceX-Tesla merger." He added, "My guess is SpaceX could announce within weeks that it will acquire Tesla with SpaceX stock at $420 per share, and it could take 1 year to close the deal."

The market has more frequently discussed the two companies merging in recent days. Barclays analysts forecast that Elon Musk could announce a Tesla-SpaceX merger before Tesla's shareholder meeting. The outlet said the discussion had been a hot topic in the investment industry since SpaceX's listing, and that its intensity has increased recently.

Behind that is that Musk has been proactive in integrating and supporting affiliated companies. Tesla previously acquired SolarCity, which had been founded and run by Musk's cousins. SpaceX is seen as having played a role in propping up xAI and X. Because of these precedents, the market is focusing on scenarios in which Tesla and SpaceX, Musk's two core companies, eventually merge, or one absorbs the other.

Musk biographer Walter Isaacson also viewed the second-generation Roadster as close to a joint product of the two companies. He cited thrusters and rocket operations and said the Roadster looked like "almost a joint product". He added that he thought Tesla and SpaceX would eventually merge.

The article also said the view presented is not based on a financial crisis or an urgent need for a bailout. CleanTechnica noted that there is no expectation that one of the two companies will fall into financial difficulties within months. It said the focus of the merger talk is on Musk-style business combinations, symbolic product unveilings and market expectations rather than a liquidity crisis.

That leaves the timing of any announcement and the deal structure as the key points to watch. Black mentioned a structure using SpaceX shares and said closing could take about a year, leaving what official position emerges around Tesla's shareholder meeting as a factor that will determine how realistic the combination theory is.