SpaceX said it has acquired xAI, merging Elon Musk’s rocket company with his artificial intelligence firm.

•⁠ ⁠The deal creates a private company valued at more than $1 trillion, combining rockets, xAI’s Grok chatbot, and the social media platform X.

•⁠ ⁠The combined company is expected to move toward an initial public offering around June, with plans to raise about $50 billion.