Pre-market buzz in U.S. stocks: SpaceX and xAI complete merger, Palantir and other companies beat earnings expectations

In early February, the U.S. stock market saw frequent hot topics. On the eve of the upcoming opening, investors noticed several major news items, with corporate mergers and better-than-expected earnings becoming the market’s focal points. This pre-market trend indicates that global capital markets are undergoing a new round of strategic adjustments and earnings realization cycles.

Global stock markets are about to open, futures markets generally rise

The three major U.S. stock index futures are all moving higher. Nasdaq futures are up 0.54%, S&P 500 futures up 0.28%, and Dow futures up 0.03%, showing a mild overall upward trend. Meanwhile, European markets are mixed—Germany’s DAX up 0.41%, Europe’s Stoxx 50 up 0.34%, but the UK FTSE 100 down 0.5%, and France’s CAC down slightly by 0.13%.

This divergence in market performance reflects investors’ differing expectations for regional economic outlooks. The general rise in U.S. futures suggests a relatively optimistic outlook among investors for the new trading day.

Focus event: Musk’s companies complete strategic merger, valuation hits new high

The most notable news comes from SpaceX. According to official announcements, SpaceX has officially acquired Musk’s AI company xAI, and the combined valuation of the two companies will reach $1.25 trillion. This merger not only involves capital integration but also reflects Musk’s strategic expansion in the AI field.

Additionally, the head of the U.S. Federal Housing Finance Agency stated that if Trump shows interest, relevant departments are prepared for an IPO of Fannie Mae and Freddie Mac. This indicates that major financial institutions’ restructuring efforts are also underway.

Earnings season highlights: multiple companies beat expectations

In earnings reports, several leading companies delivered surprising results. Palantir’s Q4 revenue surged 70% year-over-year to $1.41 billion, with adjusted EPS of $0.25, both surpassing market expectations, causing its stock to jump over 11% in pre-market trading.

Pharmaceutical giant Pfizer reported Q4 revenue of $17.56 billion, exceeding expectations. New GLP-1 weight-loss drug trial results showed stable weight reduction effects, potentially opening new growth avenues for the company. In the beverage sector, Pepsi’s Q4 net revenue reached $29.34 billion, with EPS of $2.26, both exceeding forecasts. The company also announced a $10 billion share buyback plan.

In contrast, PayPal’s Q4 revenue of $8.68 billion fell short of expectations. The company appointed Enrique Lores, an executive from HP, as the new CEO, initiating management changes. Nintendo’s net sales for the first three fiscal quarters soared 99.3% year-over-year to over 1.9 trillion yen, with Switch 2 sales reaching 17.37 million units, also performing strongly.

Industry dynamics advancing on multiple fronts, capacity bookings heating up

On the industrial side, Tesla faces sales pressure—French EV sales in January hit a three-year low, and sales in Norway plummeted 88%. Conversely, the chip and storage sectors remain hot: SoftBank’s subsidiary SaiMemory will collaborate with Intel to promote next-generation storage technology commercialization. Western Digital’s CFO revealed that capacity has been fully booked through 2026, with some clients even inquiring about supply plans for 2030.

Additionally, the U.S. National Highway Traffic Safety Administration has expanded investigations into 1.27 million Ford F-150 pickups. AstraZeneca’s Saphnelo subcutaneous injection application was rejected by the FDA, but the company pledged to work closely with regulators on new submissions. Adobe announced it will cease sales of its 2D animation software Adobe Animate on March 1, 2026. Intercontinental Exchange, parent company of NYSE, received SEC approval to provide government bond clearing services. Devon Energy agreed to acquire its U.S. shale oil competitor Coterra for $21.4 billion.

Overall, this pre-market information indicates that the U.S. stock market is experiencing a critical period of major strategic mergers, earnings validation, and industry adjustments. Investors should closely monitor how these developments influence subsequent market trends.