Elon Musk Turns to Tesla and SpaceX to Fuel His AI Ambitions

The money behind Elon Musk’s trillion-dollar empire is increasingly flowing in one direction: toward artificial intelligence.

The billionaire on Sunday said he plans to hold a vote by Tesla Inc. shareholders on whether the EV maker should invest in xAI, the cash-burning artificial intelligence startup he founded two years ago. That comes shortly after SpaceX, his mammoth rocket-launch company, agreed to invest about $2 billion into the AI firm, according to people familiar with the matter.

Musk said he didn’t support a merger of the companies but wanted Tesla investors to get exposure to the growth at xAI, ...