Tesla posted adjusted earnings per share of $0.41 for Q1 2026, clearing analyst estimates of $0.34 to $0.36 by a comfortable margin. Revenue hit $22.39 billion, also beating forecasts. On the other side of the Musk empire, SpaceX shares have slid between 19% and 23% from their IPO debut peak after going public on June 15 at roughly $135 per share.

Sitting underneath both balance sheets: a combined pile of more than 30,000 Bitcoin.

Tesla’s earnings paint a resilient picture

The $0.41 adjusted EPS figure represents a $0.05 to $0.07 beat over Wall Street’s consensus range.

Tesla holds approximately 11,509 BTC on its balance sheet. The company originally acquired over 43,000 BTC back in 2021, sold a significant portion, and has maintained its current balance since early 2025. At recent prices, that stash is valued somewhere between $680 million and $895 million, depending on the day.

SpaceX holds approximately 18,712 BTC, a figure that only became visible to public markets after the company’s June IPO. Together, the two Musk-controlled entities sit on north of 30,000 BTC, placing them firmly among the most significant corporate Bitcoin treasuries on the planet.

SpaceX’s rocky start as a public company

SpaceX debuted around $135 per share on June 15, and shares have since declined meaningfully amid broader market volatility, posting a 19% to 23% drawdown in the weeks following the IPO.

SpaceX’s 18,712 BTC position is now subject to the kind of public scrutiny that comes with quarterly filings and earnings calls. When Tesla sold a chunk of its Bitcoin in 2022, the move rattled crypto markets and sparked days of speculation about Musk’s broader intentions with digital assets. SpaceX’s position is even larger, meaning any similar decision would carry outsized weight.

The merger question and what it means for Bitcoin

Recent discussions have surfaced around a potential merger between Tesla and SpaceX. If that happens, the combined entity would consolidate over 30,000 BTC into a single public company treasury.

A merger would also concentrate decision-making power over those 30,000-plus coins in the hands of a single board of directors, likely with significant Musk influence. Tesla just demonstrated financial strength with its earnings beat. SpaceX, despite the post-IPO slide, remains one of the most valuable private-turned-public companies in history.

The risk side is equally real. If a merged entity faced financial pressure, the temptation to monetize Bitcoin holdings could introduce significant selling pressure into crypto markets. Tesla’s 2022 BTC sale proved that even partial liquidations from major corporate holders can trigger outsized reactions.

Investors watching this space should pay close attention to three things: any formal merger filing, quarterly disclosures about Bitcoin holdings from both companies, and whether SpaceX stabilizes above its post-IPO lows.