Gary Black said he expects SpaceX to make an all-equity offer for Tesla sometime this year at roughly a 20% premium, arguing the combination would create synergies and simplify Elon Musk's role as CEO of both companies. He said many Tesla shareholders would likely sell on any deal announcement rather than wait 6 to 12 months for closing, because issuing about 50% more SPCX shares could dilute holders and reduce the value of the stock consideration before the transaction closes. Black added that Tesla has trailed the Nasdaq-100, tracked by the Invesco QQQ Trust, despite what he described as high odds of a buyout. He also reiterated that Tesla looks expensive at current levels, citing separate valuation frames ranging from 195x to 200x expected 2026 earnings and long-term growth assumptions of 25% to 35%, and argued that enthusiasm for the product and leadership should not override valuation discipline.