SpaceX Combines with xAI, Officers to Wear Body Cams in MN, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner.
What is Elon Musk's plan for merging SpaceX with xAI?
Elon Musk is planning to merge SpaceX with his artificial intelligence firm XAI. We are told the combined company is expected to have a valuation of one and a quarter trillion dollars. Here is Bloomberg's Ed Ludlow.
The rationale is, you know, virtual integration. This is something that's kind of been hiding in plain sight, right? And the idea, you know, SpaceX provides the launch capacity, and together the two companies design satellite form factor data centers very focused on inference.
That is Bloomberg's Ed Ludlow.
How will the merger affect the valuation of the new company?
Federal agents on the ground in Minneapolis will now wear body cameras. Homeland Security Secretary Kristi Noem said the program will be expanded nationwide as funding becomes available. Now, the use of body cameras by federal agents follows a national outcry over the killings of two U.S. citizens in Minneapolis. President Trump said he's OK with the move.
Well, it wasn't my decision. I would, you know, I leave it to her. They generally tend to be good for law enforcement because people can't lie about what's happening. So it's generally speaking, I think 80 percent good for law enforcement. But if she wants to do that, I'm OK with it.
The adoption of body cameras has the potential to ease the path for passage of a government funding deal. The House of Representatives is back in session to begin consideration of a revised funding package passed by the Senate over the weekend. Now, President Trump is pushing ultra conservatives in the House to accept a deal he struck with Democrats. to end the partial government shutdown. Meantime, there is a bill to keep the government operating while allowing two more weeks of discussions for an agreement on restrictions for ICE. Pennsylvania Democratic Congresswoman Madeline Dean is calling for total reform of ICE.
I have suggested an absolute freeze of ICE funding at this point. And I want, and I've described this to my friends and colleagues on the appropriations bill and in our leadership, a callback of funding. How is it that we went from $6 billion to DHS to an additional $75 billion and even more in the big, beautiful bill?
That is Pennsylvania Democratic Congresswoman Madeleine Dean speaking on Bloomberg's balance of power. We move to business news next. After the bell, Palantir technology forecast revenue for fiscal 2026 significantly above Wall Street expectations. We have more from Bloomberg's Charlie Pellett.
It's a boost for the data analytics company after its shares have gotten off to a lackluster start so far this year. Brent Thill is an analyst at Jefferies. Palantir's fundamentals are doing extremely well. Cash flow growth. well above forecast. Palantir relies on government contracts for the lion's share of its U.S. revenues. It says annual revenue will be between $7.18 and $7.2 billion. Analysts on average estimate it's $6.27 billion.
In New York, Charlie Pellett, Bloomberg Radio. The Trump administration is looking to make a big move in rare earth minerals. The White House is launching a $12 billion critical mineral stockpile called Project Vault. The aim here is to aid manufacturers and to minimize reliance on Chinese rare earths. Here is Bloomberg's Jennifer Welch.
Ultimately, the scale of the challenge is huge. I mean, we think about how reliant the United States is on China, how dominant China is in not just the production of the raw materials, but in derivative products. It's immense. And it takes time for those supply chains to build.
That is Bloomberg's Jennifer Welch. In sports, the NFL says it will look into New York Giants co-owner Steve Tisch and his association with Jeffrey Epstein.
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