Tesla, SpaceX merger talks said to make progress

The report matters less for what it confirms than for what it leaves open: no terms, structure or timeline, so the market is pricing speculation rather than a transaction. The obvious tension is governance and valuation — folding a private, Musk-led rocket and satellite business into a listed EV maker raises questions about how public shareholders would be treated and how the private entity would be marked. Whether the talks advance beyond preliminary stages, and how any structure would address that listed-versus-private gap, is the open question worth watching.