Elon Musk plans to merge SpaceX with xAI ahead of its IPO, with a combined valuation of $1.25 trillion, Bloomberg News reported on Monday, citing people familiar with the matter.
The combined company is expected to price its shares at about $527 each, the report said.
The deal was announced in a memo, according to Bloomberg.
SpaceX and xAI did not immediately respond to Reuters' requests for comment.
The space firm and the AI startup were in discussions to merge ahead of a blockbuster public offering planned for later this year, Reuters had reported on Thursday, bringing Musk's rockets, Starlink satellites, the X social media platform and Grok AI chatbot under one roof.
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