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Elon Musk Plans To Develop Town Named Snailbrook Near His Planned Austin, Texas SpaceX And Boring Co. Facilities
An aerial view of Elon Musk's Snailbrook community under construction on March 13, 2023 in Bastrop County, Texas. (Brandon Bell/Getty Images)

X’s new home is a bodega and 15 trailers in a trench coat

Some things are smaller in Texas.

In July, Elon Musk announced the company formerly known as Twitter would be moving to Austin. Not quite.

According to Forbes, which cites court documents, Bastrop County, Texas, will be the new home of X now that it has closed up shop in San Francisco. It’s 40 minutes outside Austin, depending on traffic, which there’s a lot more of these days.

The rural location is outside the city of Bastrop, which has a population of about 10,000. It’s the home of SpaceX’s Starlink facility as well as the headquarters location for the Boring Company, Musk’s drilling outfit.

Elon Musk company town Snailbrook site overview
YouTube screenshot from Joe Tegtmeyer video in July

July drone footage from Joe Tegtmeyer, a YouTuber who documents developments at Musk’s businesses, shows a new facility being constructed next to the Hyperloop Plaza that will likely house X employees. Currently, X is hiring “safety agents” in Bastrop who will be “responsible for helping our users successfully and safely use our platform” by “combating spam and fraud, and providing support to our customers.”

Forbes, citing X’s real estate director, said X has 188 employees in Texas and will eventually base its Austin employees in Bastrop. Fortune earlier this month said San Francisco employees have been shuttling to offices an hour away in San Jose and Palo Alto and fear they may have to move to Bastrop to keep their jobs. The report said fewer than 500 engineers are left at X.

Musk is in the process of building a company town for his employees in Bastrop County called Snailbrook, named after the Boring Co’s slow-going mascot. The plan, according to reporting last year from the Wall Street Journal, is to build at least 110 homes and potentially incorporate the town.

Elon Musk Plans To Develop Town Named Snailbrook Near His Planned Austin, Texas SpaceX And Boring Co. Facilities
This is what the residential area of Musk’s town looked like last year. Not much has changed. (Brandon Bell/Getty Images)

Construction hasn’t started on those homes yet, Chap Ambrose, a Bastrop County resident whose property abuts the plots, told me. So far the company town consists of roughly 15 residential trailers, as well as a center of commerce called Hyperloop Plaza, which includes a bodega, pickleball courts, a his-and-hers salon, and a pub that looks like an unfinished garage man-cave. The development where X will be is not quite bustling just yet. The nearby city of Bastrop, though, has been getting a lot of new restaurants in the last few years, a city official told me, while the county has been overrun by new residential development.

Bastrop County’s population has jumped 17% in the last four years, and 2.5% in the last year, according to data from Placer.ai. That’s more than double the percentage growth of Austin, one of the fastest growing cities in the country, in that time. Traffic in the county has also swelled in the past few years, thanks to Musk companies’ development.

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Tesla investors like the idea of merging with SpaceX

Tesla is trading up about 2.5% in early trading Friday after reports Thursday that the Elon Musk-led company was considering a merger with SpaceX, another of Musk’s many companies.

That’s a better showing than the stock’s reaction to its better-than-expected earnings a day earlier, after which shares closed down 3.5%. Acquiring a very valuable, entirely different company, it turns out, is a more attractive prospect than watching an existing one’s revenue and profit decline.

Musk is also reportedly considering merging SpaceX with xAI, his artificial intelligence company, which recently combined with his social media platform, X.

Musk is also reportedly considering merging SpaceX with xAI, his artificial intelligence company, which recently combined with his social media platform, X.

tech
Jon Keegan

WSJ: OpenAI plans Q4 IPO in race to be the first AI startup to enter public markets

OpenAI was the first to the generative-AI market with ChatGPT, and now it hopes to be the first of its AI startup cohort to pull off an initial public offering, according to a report from The Wall Street Journal. The $500 billion startup is in a race against its $350 billion competitor Anthropic, which has also been exploring an IPO.

Per the report, OpenAI is in talks with banks to try for a fourth-quarter IPO this year, which has the potential to be one of the largest IPOs ever in a year that is expected to see many record-breaking tech companies tap into public markets to raise sizable new rounds of capital.

Ahead of a potential public listing, OpenAI is reportedly attempting to raise a massive round of private investment. The company is reportedly aiming to raise $100 billion, with Amazon potentially accounting for up to half of that target. Other investors in talks with OpenAI over the private fundraising round include Nvidia, Microsoft, and SoftBank.

Per the report, OpenAI is in talks with banks to try for a fourth-quarter IPO this year, which has the potential to be one of the largest IPOs ever in a year that is expected to see many record-breaking tech companies tap into public markets to raise sizable new rounds of capital.

Ahead of a potential public listing, OpenAI is reportedly attempting to raise a massive round of private investment. The company is reportedly aiming to raise $100 billion, with Amazon potentially accounting for up to half of that target. Other investors in talks with OpenAI over the private fundraising round include Nvidia, Microsoft, and SoftBank.

tech
Rani Molla

SpaceX is actually considering a merger with Tesla or xAI: Report

Bloomberg reports that Elon Musk’s SpaceX is considering merging with Musk’s Tesla. Earlier today, Reuters had reported that SpaceX was thinking of potentially merging with xAI ahead of SpaceX’s IPO this year.

From Bloomberg:

The firm has discussed the feasibility of a tie-up between SpaceX and Tesla, an idea that some investors are pushing, the people said, asking not to be identified as the information isn’t public. Separately, they are also exploring a tie-up between SpaceX and xAI ahead of an IPO, some of the people said.

Musk’s companies already have numerous relationships between themselves, including most recently Tesla’s $2 billion investment in xAI. At Tesla’s shareholder meeting last year, shareholders voted to invest in the company but the board didn’t approve the measure due to significant abstentions.

In 2024, SpaceX incurred about $2.4 million in expenses under commercial, licensing, and support agreements with Tesla, and Tesla incurred about $800,000 in expenses for Musk’s use of SpaceX’s jet.

From Bloomberg:

The firm has discussed the feasibility of a tie-up between SpaceX and Tesla, an idea that some investors are pushing, the people said, asking not to be identified as the information isn’t public. Separately, they are also exploring a tie-up between SpaceX and xAI ahead of an IPO, some of the people said.

Musk’s companies already have numerous relationships between themselves, including most recently Tesla’s $2 billion investment in xAI. At Tesla’s shareholder meeting last year, shareholders voted to invest in the company but the board didn’t approve the measure due to significant abstentions.

In 2024, SpaceX incurred about $2.4 million in expenses under commercial, licensing, and support agreements with Tesla, and Tesla incurred about $800,000 in expenses for Musk’s use of SpaceX’s jet.

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