Jungbu Power Drops SpaceX AI Equity Plan, Focuses on O&M

Jungbu Power Co., Ltd. plans to forgo an equity investment in Elon Musk-led SpaceX AI’s U.S. power plant project and instead pursue an operations and maintenance (O&M) services contract. According to Sina Finance, citing South Korea’s National Assembly and power-industry sources on the 30th, the company said xAI had been open to outside investment before its merger with SpaceX, but its external financing needs declined after the merger, prompting Jungbu Power to withdraw its investment interest. Doosan Efficiency has secured an order to supply SpaceX AI with 12 large 380-megawatt gas turbines, and the first unit has recently been shipped. Jungbu Power is also considering participating in gas-fired power projects in the United States and the Middle East that could use equipment made in South Korea.