A longtime Tesla investor said she avoided buying SpaceX shares in the company’s record IPO because she expects Elon Musk to move quickly toward combining the two companies.

Alexandra Merz, chief executive of L&F Investor Services, said her thesis is that Tesla and SpaceX will merge. Merz, who runs the TeslaBoomerMama account on X, said she chose to keep her Tesla shares rather than sell them to participate in the SpaceX offering.

“My thesis is that Tesla and SpaceX will merge,” Merz said in a Bloomberg Television interview. “As an all in Tesla investor I would have had to sell Tesla, which I was not going to do.”

Merz said she expects a merger announcement within weeks if her view proves correct, with a deal completed in the first half of 2027.

The idea has gained traction among some SpaceX private market backers and Tesla bulls, who see Musk’s desire for control as a reason to eventually combine his main companies under a broader AI and infrastructure platform.

SpaceX has already moved in that direction after acquiring Musk’s xAI earlier this year. A Tesla SpaceX combination would be far larger, bringing together electric vehicles, energy storage, robotics, rockets, satellite broadband, AI infrastructure, and Grok under one corporate structure.

SpaceX shares jumped more than 30% above their $135 IPO price in their Nasdaq debut, giving the company a valuation of roughly $2 trillion and making it more valuable than Meta Platforms and Saudi Aramco.

The debut also created a new question for Tesla holders. A merger could give them exposure to SpaceX’s space, Starlink, and AI data center businesses, but it could also dilute existing Tesla shareholders depending on the deal structure.

Some analysts have warned that a combination could be materially dilutive to Tesla shareholders, while others argue that a unified Musk platform would make strategic sense as the companies increasingly overlap around AI, compute, energy, autonomy, and infrastructure.

The speculation adds another layer to SpaceX’s public market debut. The IPO was already a test of investor appetite for mega cap AI and space infrastructure. Now it may also become the starting point for a larger debate over whether Musk will try to fold Tesla and SpaceX into one company.