𝗠𝗼𝗿𝗴𝗮𝗻 𝗦𝘁𝗮𝗻𝗹𝗲𝘆 𝗰𝗼𝘂𝗻𝘁𝗲𝗱 71 𝗺𝗲𝗻𝘁𝗶𝗼𝗻𝘀 𝗼𝗳 $TSLA 𝗶𝗻 𝘁𝗵𝗲 $SPCX 𝗦-1. Adam Jonas's Sept 20 note uses them to map where the two Musk companies already lean on each other. The bank thinks the next leg of AI is physical: robots, robotaxis, and the power and networks behind them. Most of the link is already on the books. $SPCX buys Megapacks to run Colossus. $TSLA holds $SPCX stock from the xAI merger. The two are building Terafab with Intel in Grimes County, Texas. Starlink is going into $TSLA vehicles, starting with Cybercab. "There's no question that there's synergies between Tesla and SpaceX in our futures, definitely, there's a convergence of a kind of what we're all trying to accomplish in the future," said Gwynne Shotwell, $SPCX President and COO, in a CNBC interview ahead of the IPO. MS also argues neither company adds much to the pure frontier LLM market. It sees the open lane as AI in the physical world, and thinks the two chase it separately or, more likely, together. The same note flags the cost of that closeness. Continued co-investment in Terafab and Solarfab could raise governance questions as $TSLA 's share of capex nears the company's operating cash flow. MS keeps $SPCX at Overweight with a $300 target and $TSLA at Equal-weight with a $400 target.