Prediction: SpaceX Won't Merge With Tesla. It's Going to Buy This Nvidia-Backed Artificial Intelligence (AI) Company Instead.

According to freshly published details, SpaceX is pricing its upcoming initial public offering (IPO) at $135 per share and plans to offer 555.6 million shares. This implies that the SpaceX IPO would raise $75 billion -- the largest of any company in history.

Investors already know that some of SpaceX's IPO proceeds are earmarked for chip procurement from Nvidia and for the build-out of its own Terafab fabrication facility. Moreover, the company's S-1 filing also references a clear appetite for acquisitions.

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While Wall Street continues to speculate about a potential merger with Tesla, I think a more compelling and overlooked opportunity is hiding in plain sight in Nokia (NYSE: NOK). Let's unpack why acquiring Nokia could make strategic sense for SpaceX as the company pursues its goal of building an end-to-end sovereign AI platform.

Why SpaceX could be interested in Nokia

Regarding advanced computing capabilities, SpaceX's procurement playbook is already clear. The company is building its own custom silicon through the Terafab initiative while also maintaining a relationship with Nvidia for training and inference infrastructure.

In addition, SpaceX acquired xAI -- the maker of the Grok generative model -- to further consolidate artificial intelligence (AI) development under one roof. Lastly, the company is also in the process of potentially acquiring Cursor to extend its reach toward developer tooling.

As a former mergers and acquisitions (M&A) analyst, I do not find SpaceX's pattern random. Elon Musk is swiftly building a vertically integrated technology stack across compute, model development, and software. In my eyes, the next logical layer within this ecosystem is physical, terrestrial communications infrastructure.

Nokia is one of the most dominant vendors in radio access networking (RAN). RAN is telecoms jargon for the distributed architecture of cell towers, antennas, and signal-processing equipment that connects networks to end devices, such as cellphones.

What makes Nokia particularly interesting is its AI-RAN platform. This service enables real-time network optimization and on-device inference -- bypassing the need to route queries through a remote data center.

From a technological perspective, this capability is the terrestrial counterpart to what Starlink is doing from orbit. If SpaceX controls both low-Earth-orbit broadband connectivity and AI-native RAN infrastructure, the company is not merely competing in the telecommunications market. Rather, SpaceX would completely revolutionize how data moves and where intelligence lives for enterprises and consumers at global scale.