Steve Eisman, the investor who famously bet against the housing market before the 2008 crash, said he wouldn't be shocked to see Tesla and SpaceX eventually merge. His comment lands as market indicators show demand for a SpaceX initial public offering has already exceeded $250 billion.
The 'Big Short' investor weighs in
Eisman, known for his role in the 'Big Short' trade that made him a fortune, told reporters he wouldn't be surprised by a tie-up between the two companies run by Elon Musk. Tesla, the electric vehicle maker, and SpaceX, the private spaceflight firm, share Musk as CEO but operate independently. Eisman didn't elaborate on what form a merger might take or when it could happen, but his remark adds a fresh dose of speculation to a narrative that has circulated among investors for years.
SpaceX IPO demand dwarfs expectations
The same market indicators that caught Eisman's attention suggest the appetite for a SpaceX stock listing is enormous. Unofficial estimates place the order book at more than a quarter of a trillion dollars — a figure that would make it one of the largest IPOs in history if it materializes. SpaceX has not publicly confirmed any timeline for going public, and Musk has previously said the company may wait until it has a regular Mars mission before listing. The sheer size of the demand, however, indicates Wall Street is eager to get a piece of the private rocket builder.
What a merger could mean
Combining Tesla and SpaceX would create a sprawling industrial conglomerate spanning cars, batteries, satellites, and space travel. Tesla's market capitalization currently sits near $500 billion, while SpaceX is valued at roughly $150 billion in private transactions. A merged entity would be worth well over half a trillion dollars. Regulatory hurdles would almost certainly arise, particularly from antitrust authorities, and shareholders would need to approve any deal. Eisman's comment does not signal that such a merger is imminent or even under discussion — only that he considers it plausible.
The $250 billion IPO demand figure is itself a talking point. If SpaceX ever lists, it could dwarf the offerings of most tech companies. But for now, the company remains private, and Musk's focus appears split between Starship development and Tesla's production targets. Eisman's remarks, while speculative, have reignited conversation about the long-term structure of Musk's empire.
Whether the two companies ever combine is anyone's guess, but the numbers — and the words of the 'Big Short' investor — have given markets plenty to chew on.
