Elon Musk said on Monday that SpaceX has acquired his artificial-intelligence startup xAI in a record-setting deal that unifies Musk’s AI and space ambitions by combining the rocket-and-satellite company with the maker of the Grok chatbot. The deal, first reported by Reuters last week, represents one of the most ambitious tie-ups in the technology sector yet, combining a space-and-defense contractor with a fast-growing AI developer whose costs are largely driven by chips, data centers and energy. It could also bolster SpaceX’s data-center ambitions as Musk competes with rivals like Alphabet’s Google, Meta, Amazon-backed Anthropic and OpenAI in the AI sector.
The transaction values SpaceX at $1 trillion, and xAI at $250 billion, according to a person familiar with the matter.
“This marks not just the next chapter, but the next book in SpaceX and xAI’s mission: scaling to make a sentient sun to understand the Universe and extend the light of consciousness to the stars!” Musk said. The purchase of xAI sets a new record for the world’s largest M&A deal, a distinction held for more than 25 years when Vodafone bought Germany’s Mannesmann in a hostile takeover valued at $203 billion in 2000, according to data compiled by LSEG. The combined company of SpaceX and xAI is expected to price shares at about $527 each, another person familiar with the matter said. SpaceX was already the world’s most valuable privately held company, last valued at $800 billion in a recent insider share sale. XAI was last valued at $230 billion in November, according to the Wall Street Journal. The merger comes as the space company plans a blockbuster public offering this year that could value it at over $1.5 trillion, two people familiar with the matter said.
SpaceX, xAI and Musk did not immediately respond to requests for comment.
The deal further consolidates Musk’s far-flung business empire and fortunes into a tighter, mutually reinforcing ecosystem – what some investors and analysts informally call the “Muskonomy” – which already includes Tesla, brain-chip maker Neuralink and tunnel firm the Boring Company. The world’s richest man has a history of merging his ventures together. Musk folded social media platform X into xAI through a share swap last year, giving the AI startup access to the platform’s data and distribution. In 2016, he used Tesla’s stock to buy his solar-energy company SolarCity.
The agreement could draw scrutiny from regulators and investors over governance, valuation and conflicts of interest given Musk’s overlapping leadership roles across multiple firms, as well as the potential movement of engineers, proprietary technology and contracts between entities.
SpaceX also holds billions of dollars in federal contracts with NASA, the Department of Defense and intelligence agencies, which all have some authority to review M&A transactions for national security and other risks.
SpaceX acquires xAI in record-setting deal as Musk looks to unify AI and space ambitions
https://arab.news/rysw9
SpaceX acquires xAI in record-setting deal as Musk looks to unify AI and space ambitions
- The deal is the biggest M&A transaction of all time
- Deal values xAI at $250 billion, SpaceX at $1 trillion
Ramadan lights illuminate London’s heart as mayor calls for unity
- A sign reading ‘Happy Ramadan,’ decorated with stars and crescent moons, will be illuminated from sunrise to sunset
- This year, the Muslim fasting month coincides with Lent, a 40-day season of prayer, fasting, and almsgiving
LONDON: Mayor of London Sadiq Khan has switched on the Ramadan lights as British Muslims prepare to welcome the fasting month this week.
“A beautiful celebration of the holy month and a reminder that our city is a beacon of hope, unity, and inclusivity. A city where diversity is a strength, and where everyone is loved and wanted,” Khan wrote on X.
The heart of London’s West End is now illuminated by 30,000 LED bulbs for the fourth consecutive year, celebrating culture, cuisine, and community during the holy month when Muslims fast from sunrise to sunset.
Rahima Aziz BEM, a trustee of the charitable Aziz Foundation, told Arab News that organizing the canopy of lights on Coventry Street, near Piccadilly Circus, has expanded every year since 2023.
“And what started as just a simple light installation has become something where you can really experience the spirit of Ramadan and what it has to offer,” she said.
For this year’s program, the Aziz Foundation has organized “Shared Lights,” an interfaith art exhibition in the basement of the Zedwell Hotel, featuring 20 artists from across the UK who explore the values central to Ramadan, including love, peace, generosity, and hope.
The charity has also created an interactive digital map of halal and vegetarian-friendly restaurants, allowing visitors to plan their iftar meals from exclusive set menus and locate nearby prayer spaces and evening activities.
“Many young Muslims will choose to have iftar out with their friends and family, in central London. So, we wanted to provide them with more incentive to really spend and boost the local economy, through freebies and special discounts,” Aziz said.
An estimated 4 million British Muslims live across England, Scotland, Northern Ireland, and Wales, with over 1 million living in London alone, according to the 2021 census. London was the first major European city to adorn its central streets with Ramadan lights, which have become part of the city’s calendar alongside Hanukkah and Diwali.
A sign that reads “Happy Ramadan,” decorated with stars and crescent moons, will be illuminated nightly from 5:00 p.m. until 5:00 a.m., and will then change to “Happy Eid” in celebration of Eid Al-Fitr in March. This year, Ramadan coincides with Lent, a 40-day season of prayer, fasting, and almsgiving. Lent begins on Feb. 18 and concludes on April 2. If the moon is sighted, Ramadan is expected to start on Feb. 17 and end on March 18.
“Eventually, we’ll get to a time where we’re sharing Ramadan with Christmas, which is just beautiful. Great opportunity for some cross-cultural experiences,” Aziz added.
Ramadan, which follows the lunar Hijri calendar, occurs approximately 10 to 11 days earlier each year in relation to the Gregorian solar calendar. This year, Muslims in London will fast for between 12 and 14 hours daily. Iftar is held around 5:30 p.m. at the beginning of the month and around 6:30 p.m. as the month approaches the end. However, when Ramadan falls in the summer, the fasting period can last nearly 19 hours, and these hours vary across countries and regions within a country.
Fasting during Ramadan is one of the five pillars of Islam, alongside the Shahada, a profession of faith, prayer, giving alms, and performing Hajj. Muslims refrain from food, drink, and some activities during daylight for 30 days as a way to reflect on religion, life, and empathize with the poor.
“I grew up in London. I’ve been here most of my life,” Aziz said. “What is really special for me is seeing the curiosity about Ramadan and about Islam increase. Ramadan lights are about making people feel that London is a melting pot of diversity, for everyone.”
