Prediction markets assign a 66% probability to a Tesla-SpaceX merger announcement by the end of 2027, up from 52% a day earlier and 46% a week earlier in newer pricing. The renewed speculation followed Elon Musk’s comments during the All-In Summit in Los Angeles, where he said extensive cooperation between the companies made their future choices difficult to predict. Ron Baron, founder and chief executive of Baron Capital, said he had privately explained to Musk why a combination could make sense and why it might not, while pledging to support whatever decision Musk makes. Baron began buying Tesla shares in 2014 and SpaceX shares in 2017. His firm now holds about $25 billion of SpaceX stock and $5 billion of Tesla stock, investments that have generated roughly $30 billion in client gains out of $71 billion in cumulative lifetime profits. Tesla and SpaceX already have financial and operational links, including Tesla’s stake in SpaceX, a cooperation framework, SpaceX purchases of Tesla batteries, energy products and Cybertruck pickups, and the integration of Grok and Starlink technology into Tesla products. Baron said Starlink could reach $1 trillion in annual revenue within 10 years, with $700 billion to $800 billion in EBITDA and a potential valuation of $14 trillion to $15 trillion, compared with SpaceX’s current valuation of less than $2 trillion. He expects Starlink customers to increase from about 15 million to 300 million. Baron remains bullish on Tesla’s core business and Full Self-Driving adoption but is skeptical of the company’s humanoid-robot ambitions. Newer market pricing showed only a 2.4% chance of an announcement by September 30 and 18.5% by December 31, while earlier pricing cited 57.5% odds by June 30, 2027, and 66% by December 31, 2027; the contract dates and readings were not identical.