Elon Musk 正在把 SpaceX 与 xAI 合并，交易使合并后实体估值达到 $1.25 trillion。知情人士称，SpaceX 估值 $1 trillion，xAI 估值 $250 billion，对应合并估值的约 80% 与 20%。交易为全股票，员工备忘录称合并后股份预期每股 $526.59；SpaceX 网站声明确认此交易并概述「AI、火箭、太空网际网路、直连行动装置通讯」等垂直整合布局。

时间点为 February 3, 2026 10:25 AM GMT+8（UTC+8），此前 Bloomberg News 在 February 2, 2026 报导合并。知情人士称 SpaceX 仍预期于 2026 年稍晚进行 IPO，募资上限可达 $50 billion，可能成为历来最大 IPO；但声明未披露发行价格与估值等条款。对比近期私募定价，xAI 在 January 2026 融资估值 $230 billion，而本次被估为 $250 billion（约 +$20 billion，约 +8.7%）；SpaceX 于 December 2025 内部股份交易约 $800 billion，而本次为 $1 trillion（约 +$200 billion，约 +25%）。

Elon Musk 在声明中称，未来 2–3 年内最便宜的 AI 计算方式将在太空，并表示成本效率可推动更大规模训练与资料处理。SpaceX 另据申请文件请求许可最多发射 1,000,000 颗卫星以支撑「太空资料中心星座」计划；同时 xAI 被描述为高成本营运，约每月烧钱 $1 billion。文章亦指出 Starlink 卫星网路已超过 9,000 颗卫星，其收入现已超过发射业务并可能为 xAI 提供资金来源；并回顾 Elon Musk 在 late 2022 收购 Twitter、改名 X，且于 March 28, 2025 以 $33 billion 让 xAI 取得 X。交易公布后 SpaceX 还披露 Falcon 9 在一次 Starlink 发射后出现未披露问题；所有卫星已成功部署，但在脱轨前发生意外，该型火箭上一次飞行中问题发生在 2024。

Elon Musk is combining SpaceX and xAI in a deal that values the enlarged entity at $1.25 trillion. People familiar with the matter said SpaceX is valued at $1 trillion and xAI at $250 billion, about 80% and 20% of the combined valuation. The deal is all stock, employees were told the shares are expected to be worth $526.59 each, and a SpaceX website statement confirmed the transaction and framed it as vertical integration across AI, rockets, space internet, and direct-to-mobile communications.

The timestamp is February 3, 2026 at 10:25 AM GMT+8 (UTC+8), after Bloomberg News reported the combination on February 2, 2026. One person said SpaceX is still expecting an IPO later in 2026 that could raise as much as $50 billion, potentially the largest to date, while offering terms including price and valuation were not disclosed in the statement. Relative to recent private marks, xAI raised funds at a $230 billion valuation in January 2026 and is now put at $250 billion (about +$20 billion, about +8.7%), while SpaceX had an insider share deal at about $800 billion in December 2025 and is now placed at $1 trillion (about +$200 billion, about +25%).

In the statement, Elon Musk said the least expensive way to do AI computations within two to three years will be in space, arguing cost efficiency enables larger-scale training and data processing. SpaceX is seeking permission, according to a filing, to launch as many as 1,000,000 satellites for a space-based data-center constellation, while xAI is described as burning around $1 billion a month. The article says Starlink now has more than 9,000 satellites and its revenue is outpacing launch sales as a potential funding source; it also notes Musk bought Twitter in late 2022, renamed it X, and had xAI acquire X for $33 billion on March 28, 2025. After the deal announcement, SpaceX reported an undisclosed issue on a Falcon 9 mission after deploying Starlink satellites; the last in-flight issue for Falcon 9 was in 2024.