SpaceX to Acquire xAI in Trillion-Dollar Deal, Fueling IPO Plans
Elon Musk's SpaceX is set to acquire xAI, the artificial intelligence firm he founded three years ago, in a deal valued at $1.25 trillion, according to Fortune. The merger of the two privately held companies is expected to create a vertically integrated innovation engine, combining AI, rockets, space-based internet, and direct-to-mobile-device communications.
Musk, who serves as CEO of both SpaceX and xAI, described the combination as one that will form the most ambitious, vertically integrated innovation engine on (and off) Earth, with AI, rockets, space-based internet, direct-to-mobile-device communications, and the worlds foremost real-time information and free speech platform, he wrote in a blog post on SpaceXs website. The deal is expected to pave the way for a historic IPO for the combined entity this year.
The move comes as Oracle announced plans to raise up to $50 billion in debt and equity during the 2026 calendar year to fund additional data center capacity for its cloud customers, according to Fortune. The market seemed to feel confident that Oracle actually had a plan to address its roughly 100 billion debt load. As Oracles price wavered slightly at 168, its social media team filled out the narrative. The Nvidia-OpenAI deal ha
In other business news, Devon Energy will acquire Coterra Energy for nearly $26 billion in a combination that creates a domestic oil and gas juggernaut trailing only household names Exxon Mobil, Chevron, and ConocoPhillips in sheer production volumes, the companies announced Feb. 2, according to Fortune. After a couple of years of rapid consolidation in the energy sector, dealmaking slowed down dramatically last year as oil prices fell when OPEC ramped up its output and the Trump administration implemented a series of tariffs worldwide. Now, with crude oil prices stabilizingalbeit at lower levelsMA is making a comeback, analysts said. The all-stock merger of near equals creates the largest oil and gas producer in the western lobe of the booming Permian Basinthe Delaware Basin in west Texas and south
Meanwhile, President Donald Trump announced plans to close the John F. Kennedy Center for the Performing Arts in Washington, D.C., starting July 4 for an approximately two-year renovation project, according to Time. Trump said on Truth Social that the decision to close temporarily came after a yearlong review with contractors, musical experts, arts institutions, and advisors. He added the closure was tota
In environmental news, oceanic whitetip sharks are disappearing so quickly, largely due to the illegal trade of their fins for shark fin soup, that scientists warn we may soon lose them entirely, according to Time. DNA testing on more than 16,000 fins in Hong Kong, the worlds largest shark fin market, found the species appearing 70 times more often than what governments reported. In only three years, traders trafficked fins from over 36,000 illegally caught oceanic whitetip sharks.
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