A Falcon 9 rocket has launched, bound for the International Space Station.
According to Musk, the merged entity, valued in excess of $1tn, is poised to serve as a driving force for innovation.
The company is working to establish a series of orbital data centres that will support the operation of artificial intelligence systems.
The success of the Starship rocket is essential to the company's long-term goal of transporting humans to the Moon and Mars.
Jeff Bezos's space firm has successfully launched its inaugural rocket into orbit, posing a challenge to rival entrepreneur Elon Musk.