SpaceX President Gwynne Shotwell Ties IPO to Possible Tesla Merger

SpaceX, formally known as Space Exploration Technologies Corp., confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) on April 1, 2026, starting the formal IPO process.

“On the same day SpaceX began trading on Nasdaq, company President Gwynne Shotwell told CNBC that a merger between SpaceX and Tesla is a genuine possibility — not a rumor, not speculation, but a direct acknowledgment from the executive running day-to-day operations at one of the world's most valuable companies”

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Zacks Investment Research said SpaceX had revenue of $18.7 billion in 2025, up 33% from the previous year, according to the company's SEC filing, and described Starlink as “the financial engine behind the company’s soaring valuation.”

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The same source said SpaceX’s S-1 filing was released to the public on May 20 and that under SEC rules the S-1 becomes public at least 15 days before the investor roadshow begins.

Zacks also put a $1.77 trillion valuation in focus, arguing supporters see it as reflecting dominance in commercial launch services and Starlink’s global growth potential, while skeptics argue it may be pricing in decades of future success.

In a separate report, Zamin.uz said SpaceX President and COO Gwynne Shotwell told CNBC that a merger with Tesla “could make Elon's life a little easier,” linking the IPO moment to broader corporate plans.

On the day SpaceX began trading on Nasdaq, Fortune reported that president Gwynne Shotwell hinted at a move many analysts expect, saying a megamerger “might make Elon's life a little easier, actually.”

Fortune added that Shotwell said “There’s no question that there are synergies between Tesla and SpaceX in our futures, definitely,” while also noting she did not elaborate on specific synergies.

Business Insider

CNBC likewise quoted Shotwell telling Morgan Brennan that such a combination “might make Elon's life a little easier,” and said she was focused on “keeping the lights on” at SpaceX.

Fortune reported that Tesla and SpaceX are already collaborating on Musk’s planned $55 billion “Terafab” facility, which will produce chips for robotics and space travel.

In a separate CNBC-based account, Business Insider said Shotwell told CNBC that she was not focused on a tie-up “at least,” while also citing her comments about synergies and “keeping the lights on.”

Zacks Investment Research framed SpaceX’s IPO timeline as closely watched, saying the April 1 filing started “one of the most closely watched IPO timelines in Wall Street history,” and that the S-1 release on May 20 came at a point when investors were looking at AI, defense technology, and next-generation infrastructure.

“As SpaceX was poised to hit the Nasdaq following the largest initial public offering on record, Elon Musk's second-in-command, Gwynne Shotwell, didn't dismiss the possibility of an eventual tie-up with Tesla, Musk's other trillion-dollar company”

CNBC

Zacks also described how the company is investing heavily in Starship development, Starlink satellite expansion, and AI infrastructure after the xAI merger, while noting that a public listing could provide “massive new funding sources” and liquidity for employees and early investors.

In parallel, TechCrunch reported that SpaceX amended its S-1 registration document ahead of its public debut to include new language in its risk factors section, stating, “We may issue a significant amount of equity in connection with future transactions.”

TechCrunch connected that added sentence to the possibility of a Tesla deal, saying a warning like that “likely means Tesla,” and pointed to SpaceX’s acquisition of xAI and xAI’s acquisition of X in an all-stock transaction.

Business Insider said SpaceX’s IPO was priced with a $1.75 trillion valuation and that SpaceX’s market cap opened above $2 trillion, placing Musk in the rare position of running two publicly listed companies as the merger discussion remains unresolved.