英国《经济学人》 2 月 4 日文章，原题：埃隆 · 马斯克将商业帝国的未来押注于人工智能 近日，马斯克宣 布将把太空探索技术公司（SpaceX）与其旗下人工智能企业xAI合并，称新公司"将把意识之光延伸到 星辰大海"。但毫无疑问，这是一场豪赌。 SpaceX的投资者将获得新公司80%的股份，剩余部分归xAI的所有者所有（马斯克同时持有两家公司的 多数股权）。合并的官方理由是，新公司将向太空发射数据中心群，使xAI在开发尖端模型的竞赛中占 据巨大优势，同时也将为SpaceX开辟一条新的业务线。 然而，将SpaceX和xAI合并，马斯克实际上是把一家盈利丰厚的太空巨头与一家亏损严重的AI落后企业 捆绑在一起。同时，他还将其旗下电动汽车品牌特斯拉重新塑造成一家专注于自动驾驶出租车和人形机 器人的"物理AI"公司。如果新一轮AI浪潮没有如预期那般带来翻天覆地的变革，马斯克的商业帝国很可 能岌岌可危。 xAI的情况则截然不同。这家AI实验室去年仅从其聊天机器人Grok模型中获得了约5亿美元的收入；而 ChatGPT的开发商、美国开放人工智能研究中心（OpenAI）的收入则高达约130亿美元。去年，xAI以 全股票交易 ...

OpenAI正开展上市筹备的基础工作，估值最高可达1万亿美元，这家ChatGPT开发商计划最快于2026年 下半年向证券监管机构提交上市申请。此前，OpenAI首席财务官曾表示IPO并非公司此前的短期规划。 去年12月消息显示，Anthropic已聘请Wilson Sonsini律师事务所开展上市筹备工作，最早或于2026年登 陆资本市场。该公司发言人当时称，尚未确定上市具体时间及相关计划。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 市场对新股上市的需求攀升，叠加SpaceX等头部私营企业的发展势能，为2026年美国首次公开募股市 场注入增长动力，行业有望迎来爆发式增长。 高盛上周指出，若今年有头部企业登陆资本市场，2026年美国IPO总收益有望达到创纪录的1600亿美 元。市场参与者普遍看好今年超十亿美元规模的大型IPO项目，这一乐观预期得益于处于发展后期的私 营企业的充足储备。 不过行业仍存在潜在风险，近期软件股抛售行为或对该行业的IPO发行活动形成压制，而软件行业在当 前IPO积压项目中占比可观。 SpaceX正推进大型IPO计划，估值有望 ...

马斯克将SpaceX与xAI合并并设想太空数据中心的计划，加剧了对其估值与上市时间的猜测；特斯拉 （TSLA）仍是潜在的生态杠杆。 马斯克将SpaceX与xAI合并并设想太空数据中心的计划，加剧了对其估值与上市时间的猜测；特斯拉 （TSLA）仍是潜在的生态杠杆。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

Apollo nears $3.4B loan to fund Nvidia chip purchases for leasing to Elon Musk's xAI. https://t.co/tQaFS38xA7 ...

知情人士称，阿波罗全球管理公司即将达成一项协议，向某投资载体提供约34亿美元贷款，该载体将购 入英伟达芯片并租赁给埃隆・马斯克旗下的xAI公司。 知情人士称，阿波罗全球管理公司即将达成一项协议，向某投资载体提供约34亿美元贷款，该载体将购 入英伟达芯片并租赁给埃隆・马斯克旗下的xAI公司。 SpaceX与xAI公司暂未就路透社的置评请求作出回应。 责任编辑：李肇孚 SpaceX与xAI公司暂未就路透社的置评请求作出回应。 责任编辑：李肇孚 ...

Financial Data and Key Metrics Changes - The company generated record combined fee-related earnings (FRE) and spread-related earnings (SRE) of $5.9 billion, driving adjusted net income of $5.2 billion, which is up 14% year-over-year, equating to $8.38 per share [4][6] - FRE for the year was $2.5 billion, reflecting a 23% increase year-over-year, while SRE was $3.4 billion, normalized to a 9% increase year-over-year [6][34] - The company achieved record inflows of $228 billion, marking the third consecutive record year for both Athene and Asset Management [6][7] Business Line Data and Key Metrics Changes - The origination volume crossed the $300 billion mark, with a robust consistent spread of 350 basis points over treasuries [6][7] - In the individual market, inflows exceeded $18 billion, with nine strategies raising over $500 million annually [9] - Athene's net invested assets grew by 18% year-over-year to $292 billion, with record inflows of $83 billion driven by retail and funding agreements [31][36] Market Data and Key Metrics Changes - The company reported that all buckets of credit increased by 8%-12%, with hybrid value up 16% for the year [8] - The global wealth business raised $18 billion, up nearly 50% year-over-year, indicating strong demand across multiple client types and geographies [30] - The institutional business had a record year, with $15 billion in new mandates from third-party insurance [28] Company Strategy and Development Direction - The company is transitioning from serving one market to six markets, including individuals, insurance, and traditional asset managers, requiring different products and investments in technology [8][9] - The focus is on a total portfolio approach, which opens up debt and equity buckets to private assets, enhancing competition with public assets [10][11] - The company aims for 20%+ FRE growth in 2026, with a strong emphasis on maintaining quality alongside scale [11][40] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for retirement income and the global retirement crisis, expecting approximately $85 billion of inflows in 2026 [11][12] - The outlook for SRE growth remains durable, with a reaffirmed expectation of 10% growth on average through 2029 [12][41] - Management emphasized the importance of a principal mindset in investing, focusing on long-term ownership rather than short-term market trends [13][14] Other Important Information - The company plans to increase the annual per-share dividend by 10% from $2.04 to $2.25 starting in Q1 2026, reflecting a commitment to returning capital to shareholders [40] - The company has returned approximately $1.5 billion to shareholders through dividends and repurchases during the year [39] Q&A Session Summary Question: Implications of the ARI transaction on SRE - Management indicated that the ARI transaction helps de-risk the year and supports the goal of 10% SRE growth, but it should not be assumed to be additive [46][50] Question: Dynamics in the non-traded BDC space and ADS - Management noted that the philosophy of portfolio construction in ADS has resonated well, with net new assets increasing over $5 billion last year despite market turbulence [52][53] Question: Interaction with LPs regarding private allocations - Management expects increased dispersion among managers and a shift in institutional allocations towards private assets, driven by public market volatility [57][60] Question: Origination opportunities and margin profile - Management highlighted the globalization of origination strategies and the focus on quality and scale, with expectations for continued growth in FRE margins [73][75]

Group 1 - Apollo Global Management is nearing the finalization of a $3.4 billion loan to an investment vehicle aimed at purchasing Nvidia chips for leasing to Elon Musk's xAI [1] - Musk's SpaceX recently acquired xAI, valuing SpaceX at $1 trillion and xAI at $250 billion [1][2] - The integration of SpaceX and xAI aims to enhance the development of orbital data centers to support next-generation AI computing [2] Group 2 - The investment deal is being arranged by Valor Equity Partners, a long-time investor in Musk's ventures, and could be finalized within the week [3] - Leasing chips and compute infrastructure enables AI startups like xAI to scale quickly while conserving capital that would otherwise be spent on hardware [3] - Apollo's current financing follows a previous $3.5 billion loan made in November for a similar purpose [4] Group 3 - The financing is structured as a triple-net lease to support one of the largest compute clusters globally for AI model training, with Nvidia as an anchor investor [5]

Core Viewpoint - Apollo Global Management is close to finalizing a $3.4 billion loan to an investment vehicle that will acquire Nvidia chips and lease them to Elon Musk's xAI [1] Group 1 - The loan amount is approximately $3.4 billion [1] - The investment vehicle's purpose is to purchase Nvidia chips [1] - The chips will be leased to xAI, a company associated with Elon Musk [1]

很多人至今仍将特朗普视为中国科技崛起的最大阻碍，忌惮他动辄挥舞的关税大棒和脱钩断链的把戏。但事实上，这位四年一换、政策朝令夕改的大佬，带 来的不过是短期干扰。真正让人夜不能寐、暗藏致命威胁的，是埃隆·马斯克。 随着SpaceX和xAI强强联合，其估值飙升至1.25万亿美元。随之而来的是马斯克个人财富的爆炸式增长，根据最新数据，其身家已达8520亿美元，创下历史 新高。更令人震惊的是，他每四个月就会刷新一次财富纪录，按照这个速度，今年内成为万亿美元富翁已是大概率事件。这笔财富并非泡沫堆砌，而是扎根 于航天、新能源、AI等硬科技领域，足以支撑他颠覆多个行业、重构全球规则。 特朗普的打法是"堵门"，靠政策限制制造壁垒，我们还是有应对方案的，也算是你来我往，谁也不吃亏。而马斯克的打法，则让我们很苦恼，他将SpaceX、 特斯拉、xAI、Optimus人形机器人串联成闭环生态，掌控通信、数据、能源、制造等核心命脉，悄悄制定新的技术规则。更值得警惕的是，xAI已与美国国 防部门也达成了合作。星链更是早已成为美军军事体系的一部分，很重要的一部分。而作为其核心掌控者的马斯克，是不是更可怕？ 当然了，面对这份威胁，中国并非毫无 ...

埃隆·马斯克资料照片。新华社/德新社 美国企业家埃隆·马斯克8日说，其名下太空探索技术公司(SpaceX)已将重点转向在月球建设一座"自我生 长的城市"，这可能在不到10年内实现。 马斯克在社交媒体X平台上写道，SpaceX仍打算在未来5到7年内启动其长期以来在火星上建城的计划， 但当务之急是确保"文明的未来"，而登陆月球可更快实现这一目标。 他写道，每26个月才有一次向火星旅行的发射窗口(行程6个月)，而每10天就可向月球发射一次(行程2 天)，"这意味着我们迭代完成月球城市建设的速度要比火星城市快得多"。 据《华尔街日报》4日报道，SpaceX正寻求在今年上市后，推动其股票加速纳入主要市场指数。报道援 引多名金融从业者的话说，除SpaceX外，美国开放人工智能研究中心(OpenAI)和Anthropic公司今年都 可能上市。 2026年1月16日，佛罗里达州卡纳维拉尔角肯尼迪航天中心，在"阿尔忒弥斯2号"任务准备进行火箭转运 当天，SpaceX"猎鹰9号"火箭的有效载荷整流罩正通过平板拖车进行运输。新华社/法新社 2025年马斯克曾说，其目标是在2026年底前向火星发射无人航天器。2020年他曾表示，有信 ...