For the past few years, the largest US technology companies have been in a costly race to develop advanced artificial intelligence systems while at the same time providing computing power to a burgeoning field of startups. To chase these goals, they have radically changed how they finance their growth. Long reliant on rich revenues and...

For the past few years, the largest US technology companies have been in a costly race to develop advanced artificial intelligence systems while at the same time providing computing power to a burgeoning field of startups. To chase these goals, they have radically changed how they finance their growth. Long reliant on rich revenues and...

Tesla Inc. received government clearance to convert its investment in Elon Musk’s xAI into a small stake in SpaceX, formalizing the financial ties between the billionaire’s two biggest businesses ahead of the rocket maker’s planned initial public offering.