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Musk Merges xAI Into SpaceX

SpaceX confirmed it has acquired xAI, consolidating rockets, Starlink, and the Grok chatbot and X under one roof as the company positions itself for a blockbuster public offering.

In a statement circulated with the announcement, Elon Musk framed the combination as an attempt to build a vertically integrated stack spanning AI, launch, satellite connectivity, and real-time distribution. 

A source familiar with the transaction said xAI holders will receive 0.1433 shares of SpaceX for each xAI share, and some xAI executives may elect cash instead at $75.46 per share.

Multiple reports pegged the transaction’s implied values at $1.0 trillion for SpaceX and $250.0 billion for xAI, implying a combined $1.25 trillion enterprise.

You can read more on the matter here.

What’s going on?

• Bill Blair Resigns to Become UK High Commissioner, Liberals Back to 169 Seats (theDeepDive)

• Transport Canada talking jet approvals with U.S. FAA after Trump’s threats (Globe)

• Chinese Metals Traders Face $144 Million Loss After Dealer Vanishes (theDeepDive)

• Canada will require refugees and asylum seekers to co-pay for health care starting in May (TS)

• The $54 Billion “Maturity Wall” Michael Saylor is Facing (theDeepDive)

• Tens of billions wiped off media and financial data groups after Anthropic AI launch (FT)

• Poilievre Secures Conservative Leadership With 87% Support (theDeepDive)

• House Clears Key Hurdle in Ending Partial Government Shutdown (WSJ)

• Europe Revives Domestic Oil and Gas Exploration After Years of Restrictions (theDeepDive)

What’s the latest?

• Private Equity: Global private equity exits rose 5.4% to 3,149 last year, but total exit value fell 21.2% to $412.1B, signaling firms are selling more assets at lower prices. Fundraising declined 11% to $490.8B in 2025 as limited partners received less cash back amid years of stalled exits. Large firms are seeing traction: Blackstone reported $33.9B in realizations in 2025, and Medline’s IPO raised $7B with shares up nearly 30% since listing.

• Nuclear: Canada reaffirmed its opposition to nuclear weapons, citing international non-proliferation treaties and a continued focus on rebuilding conventional military capabilities. The statement follows comments by former defence chief Wayne Eyre, who said Canada should not fully rule out nuclear arms for long-term strategic independence, while noting they are not appropriate at present.

• Markets: Canada’s TSX jumped 222 points as gold miners rallied, with gold rebounding to nearly US$5,000/oz. U.S. markets were mixed: the Dow was flat, while the S&P 500 fell 0.6% and the Nasdaq dropped 1.3%. The Canadian dollar strengthened slightly to 73.31¢ US, while oil rose to US$62.79 and gold futures climbed to US$4,967.80.

• Gold & Silver: Gold rebounded 4.9% to US$4,895/oz, its biggest daily gain since 2008, after plunging below US$4,404 earlier this week, while silver jumped 8.6% to US$86.3/oz following a historic 27% one-day drop on Friday. The rally was driven by oversold conditions after Kevin Warsh’s Fed nomination and renewed bargain buying. Analysts now see key resistance at US$5,000 for gold and US$90–96 for silver, with expectations for new highs later this year.

• Real Estate: Vancouver-area home sales fell 28.7% year over year in January to 1,107 transactions, sitting 30.9% below the 10-year seasonal average. The benchmark home price dropped to $1.10M, down 5.7% annually and 1.2% from December. Inventory rose 9.9% YoY to 12,628 listings, 38% above the long-term average, despite new listings declining 7.3% YoY.

Silver Tiger’s $2.35B Silver Blueprint

The stock market and stuff

• Musk Folds xAI Into SpaceX In A $1.25T Deal Ahead Of IPO Push (theDeepDive)

• Abu Dhabi Royal Buys $500 Million Stake in Trump Family Crypto Venture, Report Shows (theDeepDive)

• Silver’s runaway rally becomes ‘death trap’ for Reddit’s retail crowd (FT)

• Skeena Secures Final Permits For Eskay Creek, Production Expected In Q2 2027 (theDeepDive)

In the juniors

• Antimony Resources Reports Massive Stibnite Mineralization Over 25 Metres At Marcus (West) Zone (theDeepDive)

• Argenta Silver Upsizes Drill Program to 25,000 m, Initiates Metallurgical and Key Technical Studies at El Quevar (JMN)

• Silver Storm Expands La Parrilla Processing Circuit To 1,250 TPD Ahead Of Q2 Restart (theDeepDive)

FULL DISCLOSURE: PTX Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of PTX Metals. The author has been compensated to cover PTX Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.