SpaceX-Tesla Merger Would Create $3.4T Giant But Post Negative Earnings

Executive Briefing

• Combines Tesla's $1.65T valuation with SpaceX's anticipated $1.75T IPO to form a $3.4T entity
• Requires SpaceX to issue shares equal to 94% of current stock, nearly doubling total shares to 8 billion
• Projects combined GAAP annual earnings of approximately negative $1 billion based on recent financials
• Represents what would be the largest merger in history, yet still unable to generate positive profits