John Tucker

SpaceX is still expecting to hold an IPO later this year.

In explaining the rationale for the deal, Musk said in the statement that the least expensive way to do AI computations within two to three years will be in space.

In New York, I'm John Tucker, Bloomberg Radio.

Well, Nate, Musk combining SpaceX and XAI, this is a deal that values the enlarged entity at $1.25 trillion.

The deal brings together two of the largest closely held companies in the world.

It all sounds a little Buck Rogers.

SpaceX said it acquired XAI to form the most ambitious vertically integrated innovation engine on and off Earth with AI, rockets...

space-based internet, direct-to-mobile device communications, and the world's foremost real-time information and free speech platform.

That's free speech as defined by Elon Musk.

In explaining the rationale for the deal, Musk says in the statement that the least expensive way to do AI computations within two to three years will be in space.

SpaceX also requesting permission to launch as many as a million satellites into Earth orbit for this plan.

The company is still expected to hold an initial public offering later this year, according to our sources.

In New York, I'm John Tucker, Bloomberg Radio.

Yeah, Kevin Warsh, the Trump administration's pick to be the next chairman of the Federal Reserve.

Nathan, this is according to our sources.

Without mentioning Warsh, the president last night said an announcement would come this morning.

The 55-year-old Warsh served on the Central Bank's Board of Governors from 2006 to 2011, and he's advised the president on economic policy.

This would mark a comeback for Warsh, whom the president passed over for the top job back in 2017 when he selected Jerome Powell.

Now, for the moment, investors see Warsh as less supportive of deep interest rate cuts.

In the past, he's warned of inflation risks and delivered more recent calls for the Fed to reduce its balance sheet.