Mattel inks multiyear deal with Musk's SpaceX to create toys inspired by space venture

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Multinational toy and entertainment company Mattel has inked a multiyear deal with Elon Musk’s SpaceX to create a line of toys inspired by the space venture, according to a report by CNBC. The financial terms of the deal were not disclosed.

“As space exploration advances more quickly than ever before, we are thrilled to work with SpaceX and help spark limitless play patterns for the space explorer in every kid,” said Nick Karamanos, Mattel’s senior vice president of entertainment partnerships, as per the report.

The California-based toy company expects to begin the release of the SpaceX product line in 2023. The partnership was announced ahead of the anniversary of the first moon landing in 1969.

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SpaceX has long sold merchandise through its own website, but the items have so far been typically limited to shirts, jackets and other accessories including hats and bags. With Mattel's partnership, SpaceX can explore plush dolls or building sets with a veteran toy manufacturer.

The collectors market has become a lucrative space for Mattel and other companies including Hasbro and Funko, according to the report. The licensing deals for specific pop culture brands with notable fan bases have become significantly important.

This is not the first time Mattel and Musk have linked up to create toys. In early 2020, Mattel created two remote-controlled vehicles based on Tesla’s Cybertruck.