Texas, Feb. 3 -- Elon Musk's aerospace company SpaceX has acquired his artificial intelligence (AI) start-up xAI, the billionaire entrepreneur said.

Musk's note about the deal to acquire xAI was posted by the rocketmaker and shared on his social media platform X.

Musk's xAI owns and operates his social network X after he merged those two entities last year.

According to a Bloomberg report the combined company of SpaceX and xAI has a valuation of USD1.25 trillion, and SpaceX plans to Initial Public Offering (IPO) later this year.

A CNBC report said that the merger deal between SpaceX and xAI was completed on Monday.

Musk had expanded xAI by merging it with his social network X, which used to be known by the name Twitter. Incidentally,...