Elon Musk combines firms SpaceX and xAI ahead of expected public offering later this year 

The deal gives SpaceX a valuation of $1tn, and xAI a value of $250bn, people familiar with the matter said.

The world’s richest man Elon Musk is combining his companies SpaceX and xAI in a deal that values the enlarged entity at $1.25 trillion (tn) (€1.06tn) ahead of an expected initial public offering (IPO) later this year.

The acquisition of xAI was announced in a statement on SpaceX’s website signed by Mr Musk.