Be wary of sell-side analysts’ overly positive opinions about SpaceX, a TSLA/SpaceX merger, or the merits of any specific IPO. I was a sell-side analyst for many years. Unlike buy-side analysts, who are paid on their investment ideas, sell-side analysts are paid on the commissions they generate - and NOT on how their stock picks do. At the expected $50B-$75B IPO size, SpaceX will be the biggest payday for $Tesla(TSLA.US) analysts in years and with a big retail allocation, all will try to prove they are helpful to $Tesla(TSLA.US) management and the deal underwriters. Quoting a TSLA sell-side analyst on the merits of SpaceX or a SpaceX/TSLA merger would be like quoting your insurance salesman on whether you need more insurance.