The recent SpaceX call, which notably did not mention a potential merger with Tesla, has led to a decrease in the perceived likelihood of such a merger occurring this year. Market participants have interpreted the absence of discussion on a merger as a cooling of near-term expectations. AdvertisementKey TakeawaysPricing suggests participants view the absence of a merger mention on the SpaceX call as a cooling of immediate merger prospects. The lack of immediate merger discussion appears consistent with a short-term reduction in merger expectations, despite previous speculation. What to WatchMarket participants will likely focus on any forthcoming statements from Elon Musk or official announcements from Tesla and SpaceX that might revive merger discussions.