Elon Musk said Tuesday that special committees of independent directors at Tesla and SpaceX have begun exploring a merger of the two companies.

The announcement came during SpaceX's third-quarter earnings call. Musk, who serves as CEO and largest shareholder of both firms, described the idea as having substantial merit. He pointed to opportunities for greater cooperation on Super Intelligence software, chip design, robotics, and related technologies.

SpaceX went public in June. Combined valuations place the potential merged entity above $3 trillion. Tesla trades at roughly $1.5 trillion and SpaceX near $2 trillion.

Musk emphasized he is a conflicted party under securities rules and therefore excluded from the committees' discussions. The panels, formed at shareholders' request, have not agreed on transaction terms and may not reach a deal.

Any agreement would require approval from shareholders at both companies. Musk noted that Tesla shareholders must clear a 50 percent threshold of all outstanding shares, which he called a high hurdle.

The companies already collaborate on projects such as the Terafab chip venture. Musk said a merger could accelerate progress in mass-to-orbit capabilities and connectivity initiatives.

Shares of SpaceX rose 8 percent in after-hours trading following the remarks. Tesla shares gained modestly.

Analysts have noted potential synergies in hardware manufacturing and software development between Tesla's vehicle and robotics efforts and SpaceX's rocket, satellite, and data operations. Musk has long highlighted the need for integrated innovation to advance ambitious goals in space and autonomy.

The process remains early. No timeline has been set, and success depends on the committees' recommendations and subsequent votes.