Tesla Inc.’s (NASDAQ:TSLA) latest earnings call made Deepwater Asset Management‘s Gene Munster even more bullish on a future combination with Space Exploration Technologies Corp. (NASDAQ:SPCX), prompting him to raise his bets to 90%.
The Tesla-SpaceX Question
“Going into the call, I thought there was an 80% chance the two companies come together in the next few years. I’m raising that to 90%,” Munster said in a post on X Wednesday.
Munster said he was surprised Tesla executives entertained the question and increased his odds after Musk addressed a question about whether combining the companies would make strategic sense.
The odds that $TSLA and $SPCX come together just increased.
— Gene Munster (@munster_gene) July 22, 2026
They got a question about the topic on the call, and I was surprised they even entertained it. Elon said they have a great relationship but couldn't comment on further integration, handing it off to legal.
After legal…
Musk Expands On Tesla-SpaceX Relationship
When asked whether Tesla and SpaceX could eventually combine, Musk spoke about the companies’ expanding collaboration before deferring any discussion of a potential transaction to Tesla’s legal team.
“Well, as you can tell from all the many collaborations on so many fronts with SpaceX, there’s more and more overlap, especially with Terafab, that’s really going to be a gigantic project,” Musk said.
The CEO, who said that the earnings call would not be the right place to discuss the potential combination, added that “it’s got to be done with the appropriate process.”
Starlink, Grok And Optimus Expand The Relationship
Musk said the companies’ growing integration includes Grok in Tesla vehicles, Digital Optimus and Starlink for Cybercab and future Tesla vehicles, saying satellite connectivity will help keep Robotaxis connected in areas with poor cellular coverage.
“We can’t have Robotaxis getting stuck in these Bermuda Triangles of lack of cellular connectivity,” he added.
Earnings Misses Estimate
Tesla reported second-quarter revenue of $28.24 billion, topping Wall Street estimate of $25.71 billion, according to Benzinga Pro.
Earnings came in at 33 cents per share, missing analysts’ estimates of 50 cents per share.
Tesla delivered a record 480,126 vehicles in the second quarter, up 25% from a year earlier.
Price Action: Shares closed 1.30% lower on Wednesday before falling another 4.13% after the bell following the company’s earnings announcement.
Benzinga edge rankings indicate TSLA has a Momentum score in the 36th percentile and a Growth score in the 88th percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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