On October 14, 2026, Barclays analyst Dan Levy published a research note floating a possible Tesla-SpaceX merger before Tesla's December 9 shareholder meeting, sketching an all-stock swap at around 0.7 to 1 that would leave Musk with 37 percent ownership and roughly 56 percent voting power. Neither company had announced a deal, hired bankers, or filed with the SEC. The discussion has moved from the swap terms to whether the companies are engaging: SpaceX and Tesla have formed special committees to discuss a merger at shareholders' request, and Musk has recused himself over conflicts of interest. Gerstner expects a premium above 30 percent, around $420 to $550 a share, and Barclays has since upgraded Tesla to overweight with a $450…