tech
xAI burned $6.4B last year — SpaceX’s IPO filing shows why the spending is far from over
SpaceX's IPO filing reveals xAI lost $6.4 billion in 2025 while planning a massive Grok expansion — offering the first public look at Elon Musk's AI financials and more details about his ambitions.
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TL;DR
- xAI lost $6.4 billion on $3.2 billion in revenue in 2025, with losses expected to increase.
- SpaceX plans to scale Grok AI to "multiple trillions of parameters," requiring significant additional compute spend.
- SpaceX's IPO filing offers the first public financial details for xAI and, by extension, X.
- AI segment capital expenditures climbed significantly, with an annualized capex run rate of about $30.8 billion in early 2026.
- Grok AI features had 117 million monthly active users in March 2026, out of 550 million combined Grok and X users.
- SpaceX is expanding its AI compute infrastructure with data centers like Colossus and Colossus II.
- SpaceX aims to begin deploying orbital AI compute satellites as early as 2028.