SpaceX Falls Over 10% in Two Days; Slumps 7% Intraday on Market Fears Merger With Tesla May Be Dragged Down

TradingKey - In early US trading, SpaceX ( SPCX) extended yesterday's losses, dropping over 7% at one point during intraday trading. As of writing, it was down 6.46% at $179.43, with a two-day decline of over 10%. Its latest market capitalization stands at 2.36 trillion yuan, making it the sixth-largest company in the US, second only to Amazon.

According to market sources, SpaceX and Tesla ( TSLA) are expected to merge, creating a technology behemoth spanning rockets, artificial intelligence, satellites, electric vehicles, robotics, energy, and social media.

[Source: Google Finance]

It is reported that the two companies already share personnel, collaboratively advance major projects, and have substantial business dealings in areas such as AI development, data center construction, battery technology, and automotive sales.

The core logic supporting the merger lies in complementarity. Tesla's accumulated capabilities in chip R&D, artificial intelligence, and data center construction perfectly align with SpaceX's expansion ambitions in orbital infrastructure, satellite communications, and space computing. Ark Invest, which holds shares in both companies, has publicly stated that this combination has strategic significance, but at the same time suggested waiting for Tesla's robotaxi business to further mature before proceeding.

Among the arguments against the merger, Oppenheimer stated that keeping the two companies operating independently is more in line with Musk's long-term AI strategy, as separate public listings can provide more diverse and flexible financing channels. Oppenheimer noted that Musk's long-term strategic layout in the artificial intelligence field is highly dependent on diversified and flexible financing channels, and operating two public companies simultaneously can most efficiently provide financial support for this strategy.

The core concern against the merger centers on fears that Tesla could act as a drag on SpaceX's valuation performance.