SpaceX-Tesla Inc. is inching closer. Watch out, Nvidia?: Liam Denning

Bloomberg columnist Liam Denning analyses the growing likelihood of a SpaceX-Tesla merger, noting that SpaceX now has a about $1.1 trillion valuation lead over Tesla versus $266 billion at IPO pricing, with the implied exchange ratio down 32 percent. A one-third takeover premium could value Tesla at just over $2 trillion, giving Musk roughly 74 percent pro-forma voting control while unlocking part of his $1 trillion Tesla compensation package. The combined entity could be valued at nearly $5 trillion, rivaling Nvidia's market cap, though critics note the deal would involve a cash-burning company buying another cash-burning company at 138 times forward EBITDA.