On Tuesday morning, Tesla's (TSLA) stock price experienced a 0.9% uptick in early - stage trading. According to reports, xAI, which has the backing of Tesla, is set to be acquired by SpaceX via a private placement deal. The objective of this acquisition is to establish space - based artificial intelligence infrastructure for Musk's vast business empire. On top of that, SpaceX is also making preparations for an initial public offering (IPO).
