science
SpaceX Merges with xAI and Goes Public at $2.1 Trillion Valuation
SpaceX completed its merger with xAI earlier this year and debuted on public markets Friday. The company closed at just under $161 per share, giving it a market value of $2.1 trillion.
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SpaceX merged with artificial intelligence company xAI earlier this year and went public on Friday, closing at just below $161 per share for a total market value of $2.1 trillion. The company reported an operating loss of $2.6 billion last year. It owns satellite communications service Starlink, which generated $4.4 billion in operating income during the same period.
SpaceX also houses social media platform X, formerly known as Twitter, which the company acquired for $44 billion in 2022.
companies Musk is CEO of Tesla, a position he has held since 2008.
The electric vehicle maker lost its position as the world's largest EV producer to China's BYD last year. Tesla also produces solar energy equipment and humanoid robots. Musk holds the CEO title at Neuralink, a brain-computer interface company he co-founded in 2016.
The company has launched clinical trials for people with spinal cord injuries and ALS. It reported 21 trial participants worldwide as of January. Musk founded The Boring Company, a tunnel-digging business, about a decade ago. The company operates the Vegas Loop network of underground tunnels in Las Vegas, which opened in 2021.
It has faced accusations of breaking safety and environmental requirements in that city. Musk previously founded Zip2 and PayPal, which were sold decades ago for a combined total of about $200 million.
