SpaceX and Tesla have set up a special committee to examine a possible merger, Elon Musk confirmed on Tuesday during SpaceX’s third-quarter earnings call. A combined company would be valued at about $3.5 trillion at current prices, making it the largest corporate merger on record. The current record is held by the SpaceX and xAI tie-up at $1.25 trillion. Musk said joining the two firms has merit given their heavy spending on AI, but stressed that no proposal has been agreed. Any deal would need approval from at least 50% of Tesla shareholders, he said. SpaceX ranks as the world’s seventh-largest company, while Tesla is 11th. Prediction markets put the odds of a merger by early 2027 above 50%.

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