New Delhi, Feb. 3 -- Billionaire Elon Musk said on Monday that his rocket venture SpaceX has acquired his artificial-intelligence startup xAI in a record-setting deal.

The deal was announced in a memo, sources told Bloomberg. According to the Associated Press, SpaceX announced on Monday that it had bought xAI in an effort to help the world's richest man dominate the rocket and artificial intelligence businesses.

The deal will combine several of his offerings, including his AI chatbot Grok, his satellite communications company Starlink, and his social media company X.

The development comes as SpaceX is planning an initial public offering (IPO) that could raise as much as $50 billion and value the company at about $1.5 trillion, Bloomber...