3.4 trillion sounds impressive, but with 94% dilution from new shares and only 2.3 billion in core profits, the numbers make it seem like trading bubbles for bubbles—can it really be sustained long term?

Analysis by Fortune magazine states that if Elon Musk pushes for a merger between SpaceX and Tesla, the combined company's valuation could reach $3.4 trillion. The report points out that SpaceX may need to issue new shares equivalent to 94% of the current circulating shares to complete the acquisition. Meanwhile, Tesla's GAAP net profit over the past 12 months has fallen to $3.9 billion, with core operating profit excluding regulatory credit income and Bitcoin gains at approximately $2.3 billion. Analysts believe that this deal may be an overvaluation of assets acquiring another overvalued company, and long-term profitability remains questionable.