Barclays says a Tesla-SpaceX merger has “increasingly become the consensus expectation” among investors.

The analysts think news could arrive before Tesla’s annual shareholder meeting, expected by December 6.

Neither Tesla nor SpaceX has announced any deal, and the timing is speculative.

Barclays expects SpaceX to buy Tesla in an all-stock deal, likely at a premium.

It values SpaceX at $2.1 trillion and Tesla at $1.5 trillion, about $3.6 trillion combined.

The bank says the real value lies in integrating the two companies’ AI technology.

SpaceX bought nearly $300 million of Tesla Megapack batteries in the second quarter of 2026.

Read the full article for more details on the Tesla-SpaceX merger outlook.