On February 3, 2026, SpaceX officially announced its acquisition of xAI, planning to create a vertically integrated innovation engine spanning AI, rockets, and space-based internet. This aims to solve the energy consumption bottleneck of ground-based AI data centers and explore a path for the large-scale development of space-based AI. Musk stated that this move will extend the light of consciousness to the stars. This merger has fueled a surge in SpaceX’s IPO hype, with plans to list in mid-June and a target valuation of $1.5 trillion.
The biggest winner of this IPO is undoubtedly Google. In 2015, when SpaceX was valued at only $12 billion, had not yet mastered rocket recovery technology, and Starlink was still just a PowerPoint presentation, Google decisively invested $900 million. Over the past decade, SpaceX’s valuation has exploded, jumping from hundreds of billions of dollars in 2021 to trillions of dollars today. Google’s 7.4% stake has appreciated to $111 billion, yielding a return of $123 for every dollar invested.
Google’s success is no accident, but rather the result of vision and courage. At the time, most people in Silicon Valley were skeptical of SpaceX, but Google accurately predicted the immense value of space infrastructure and firmly believed it could achieve breakthroughs in reusable rocket technology. As the largest external shareholder besides Musk, Google not only reaped huge financial returns but also secured a strategic advantage, safeguarding its AI computing power and space strategy. This decade-long bet highlights the core of great venture capital—capturing future trends amidst uncertainty.
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