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The business of defense, October 24

M&A

SpaceX and Tesla boards form committees to explore a possible combination

SpaceX's committee will evaluate a potential combination, while Tesla's will explore a closer relationship that could include one.

SpaceX and Tesla have each formed a board special committee to consider a possible combination of the companies.1–2 SpaceX announced its committee on its Oct. 20, 2026, earnings call.1

SpaceX's board formed a special committee to evaluate a potential combination with Tesla

SpaceX says no determination has been made

SpaceXpotential combinationcontingent

any combination needs approval from its special committee, board and controlling shareholder

Tesla's board formed a special committeea transactioncontingent

a Transaction would be subject to, among other things, the affirmative recommendation of the Special Committee and, if agreed upon, any necessary shareholder approval.

SpaceX says there is no assurance of an agreement or transaction

Source: SpaceX and Tesla Forms 10-Q. As of Oct. 24, 2026.

Sources
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The committees have different mandates.1–2 SpaceX's is tasked with evaluating a potential combination with Tesla.1 Tesla's committee, composed of disinterested directors, has a broader remit to explore arrangements that deepen the relationship, with a business combination among the possibilities.1–2

A combination would require approval from SpaceX's special committee, board and controlling shareholder.1 At Tesla, a transaction would require, among other conditions, the committee's affirmative recommendation and, if agreed upon, any necessary shareholder approval.2 SpaceX says its committee has made no determination, and there is no assurance that an agreement will be reached or a transaction completed.1

Sources (2)
  1. SpaceX Form 10-Q, quarter ended Sept. 30, 2026 www.sec.gov
  2. Tesla Form 10-Q, quarter ended Sept. 30, 2026 www.sec.gov

Industry

Corvid Technologies plans $95 million Mooresville expansion that adds vehicle launch-system manufacturing

The employee-owned defense contractor plans an additional 400,000-square-foot manufacturing facility at its headquarters and 423 jobs in Iredell County.

Corvid Technologies plans to invest $95 million in its Mooresville, North Carolina, campus and add 423 jobs. Gov. Josh Stein announced the expansion Oct. 13, 2026. The expansion includes an additional 400,000-square-foot facility for engineering and manufacturing of vehicle launch systems.1

Corvid plans vehicle launch-system manufacturing in Mooresville

Planned campus expansion; announced Oct. 13, 2026

$95 millionPlanned Mooresville campus investment
400,000 square feetPlanned additional manufacturing facility
423 jobsPlanned job additions in Iredell County

The planned facility will add engineering and manufacturing of vehicle launch systems.

Source: North Carolina Department of Commerce. As of Oct. 13, 2026.

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CEO David Robinson said Corvid's manufacturing space had grown from 8,000 to 800,000 square feet. He said that growth took two and a half years, reflecting customer demand and confidence in the company's people.1

Corvid previously announced a $30 million Mooresville campus expansion in September 2024. That announcement included 54 new jobs.2

North Carolina approved a Job Development Investment Grant authorizing potential reimbursement of up to $4,449,750 over 12 years for the new expansion. Payments depend on annual state verification that Corvid has met its incremental job creation and investment targets.1

The planned facility would expand the manufacturing operations of a company founded in 2004 as a small modeling and simulation firm.1 Corvid's launch systems and target solutions support hypersonic testing, weapons evaluation and system validation.3

Sources (3)
  1. North Carolina Department of Commerce, "North Carolina Defense Company to Invest $95 Million in Mooresville Expansion," Oct. 13, 2026 www.commerce.nc.gov
  2. Corvid Technologies, campus expansion page www.corvidtec.com
  3. Corvid Technologies, Launch Systems www.corvidtec.com