New York, May 29, 2026, 15:04 (EDT)
- SpaceX’s anticipated listing in June is stirring up talk once again about whether Elon Musk might one day merge the company with Tesla.
- Boeing is working to convince investors its comeback is for real, as regulators sign off on ramping up 737 output.
- What’s immediately at stake isn’t Tesla’s possible move into jets. The real pressure centers on capital, talent, and government contracts in the space sector.
With SpaceX now eyeing a June IPO—its first offering to public investors—Boeing’s connection to Elon Musk’s space operation is under the microscope again. A Yahoo Finance-syndicated piece from 24/7 Wall St. suggested Boeing stands to lose the most if SpaceX and Tesla were ever to merge. There’s no deal on the table at this point.
Timing is shaping up to be critical. Reuters has reported SpaceX could go public as soon as June 12, and FTSE Russell says the company seems poised for rapid inclusion in major stock indexes—key benchmarks for a swath of passive funds. Boeing, meanwhile, is working to show it can ramp up 737 production without reigniting the chronic quality issues that have plagued it.
The article zeroed in on Boeing’s vulnerability tied to its space and defense businesses—highlighting Starliner against Crew Dragon, ULA launch contracts, satellite work, and the risk that a combined Musk empire might siphon off engineers and money. But it stopped short of calling this more than speculation, stressing there’s no deal in play.
Boeing turned in a 14% bump in first-quarter revenue, landing at $22.2 billion, while its backlog climbed to an all-time high of $695 billion. Still, free cash flow came in at negative $1.5 billion—money gone after capital spending. Chief Executive Kelly Ortberg described the quarter as a “strong start to the year.” MediaRoom
Boeing’s finally moving its needle in the right spot. Ortberg told reporters this week the company is bumping up 737 production to 47 planes a month—up from 42—after talks with the Federal Aviation Administration. He said they’re aiming to hit that pace within a couple of months. The FAA, for its part, backed the plan and signaled it expects more production hikes inside of 90 days.
Tesla injects some heft into the merger conversation, putting public-market numbers into focus. The EV giant’s Q1 update landed revenue at $22.39 billion, with automotive gross margin, minus regulatory credits, coming in at 19.2%. As of the latest afternoon stretch, Boeing traded up 0.7% to $230.48. Tesla, by contrast, slipped 1.2% to $436.68.
SpaceX throws its weight behind launch volume, Starlink’s profitability, and a pitch heavy on AI—even as losses mount. According to a SpaceX filing cited by Reuters, first-quarter revenue came in at $4.69 billion. The company posted an operating loss of $1.94 billion. Starlink made money, but the AI unit lost big. Musk, the filing said, would hang onto 85.1% of the combined voting power.
Consolidation could be on the horizon, some analysts say. Dan Ives, Wedbush Securities’ tech research chief, told Reuters he expects SpaceX and Tesla will “eventually merge into one company in 2027.” Meanwhile, Dennis Dick, proprietary trader at Triple D Trading, described the valuation as “a little scary.” He also warned SpaceX might siphon off some of Tesla’s appeal when investors get a chance to buy into Musk’s space venture directly. Reuters
Some industry voices sound a note of caution. “The opening bell is the worst time to decide,” Madison Partners’ Altug Dincturk told Business Insider. Rob Arnott at Research Affiliates isn’t convinced either: “I don’t buy stocks at 100-times sales.” Anna Rathbun of Grenadilla Advisory added, calling Starlink the “only stable ‘business.’” Business Insider
The competition in space launch is anything but hypothetical. United Launch Alliance—a joint venture between Boeing and Lockheed Martin—has been tangled up in Boeing’s government-launch business from the start. Blue Origin, still working to catch up with SpaceX, saw its New Glenn rocket blow up during a Florida test, throwing another obstacle in its path. SpaceX’s edge in heavy reusable launch systems looks even sharper as rivals like Blue keep pouring in money.
Still, the downside scenario only goes so far. Merging Tesla and SpaceX would trigger a tangle of issues—governance, valuation, dilution, and plenty of regulatory unknowns. SpaceX’s filing points to heavy losses in areas beyond Starlink. Boeing, for its part, holds on to a hefty commercial jet backlog and remains locked in a duopoly with Airbus for large passenger planes—a Musk-led shakeup wouldn’t upend that overnight.
Boeing’s focus right now is straightforward: it needs to ramp up safe 737 production, secure delayed certifications, and start converting its backlog into cash. Down the road, though, there’s a bigger question—if SpaceX goes public, the aerospace rivalry could shift, turning less on jets and more on who moves faster to fund rockets, satellites, AI, and advanced defense technology.
