The businesses
Where Musk’s companies earn, and where the growth is coming from. Each business opens to its history, its projection in every case and the drivers behind it. The proposed SpaceX–Tesla merger and the full valuations are on their own page.
SpaceX + Tesla
The boards formed special committees in October 2026 to look at combining. What each side gets at a chosen premium, and the full ten-year valuation of each company.
The capital machine: returns on capital
Tesla’s return on invested capital and on equity each year; SpaceX’s return on equity since its audited figures begin.
Compounding
Tesla’s revenue, book value and market value, and SpaceX’s revenue: annual growth over each span.
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Capital in, value out
Equity raised against what it became.
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