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In a turnaround from recent nonsense, 80% of that valuation is SpaceX, the rocket and satellite internet company. 80% of the rest is xAI. And the remainder is X, which is to say, Twitter.
The deal apparently completed yesterday.
This also ties into SpaceX's application to launch a million orbital datacenters. Solar energy is plentiful and uninterrupted in space, and delusional rioters are few and far between.