SpaceX Filing Shows xAI Lost $6.4 Billion as Grok Targets Trillions of Parameters
Updated
Updated · TechCrunch · May 20
SpaceX Filing Shows xAI Lost $6.4 Billion as Grok Targets Trillions of Parameters
23 articles · Updated · TechCrunch · May 20
xAI posted a $6.4 billion operating loss on $3.2 billion of revenue in 2025, up sharply from a $1.56 billion loss on $2.62 billion in 2024, according to SpaceX’s IPO filing.
The filing ties that widening deficit to an aggressive Grok buildout, with SpaceX planning models with multiple trillions of parameters and directing IPO proceeds toward more AI compute infrastructure.
AI capital spending reached $7.7 billion in the first quarter of 2026 alone after $12.7 billion in 2025, while Colossus and Colossus II now provide about 1 gigawatt of compute for training and inference.
User adoption still looks limited relative to the platform’s scale: Grok AI features had 117 million monthly active users in March 2026 versus 550 million MAUs across Grok and X combined.
The disclosure offers the first public look at xAI and X finances as SpaceX pursues a June IPO that could value the combined company at about $1.75 trillion; orbital AI compute satellites are penciled in for 2028.
With experts calling orbital AI 'ridiculous,' can SpaceX’s $2 trillion valuation survive the harsh realities of space?
Elon Musk holds 80% voting power. Is SpaceX's historic IPO a visionary investment or a massive gamble on one man?
SpaceX is set to make a historic debut on Nasdaq as SPCX on June 12, 2026, with an expected $1.75 trillion valuation and up to $75 billion in shares offered. The IPO marks a major milestone for the private space industry, giving investors a rare chance to join a leader in space exploration and satellite internet. SpaceX will use a dual-class share structure, where public investors get standard voting rights, but Elon Musk and insiders keep greater control through special shares. Musk’s decision not to sell his shares signals strong confidence in SpaceX’s future and long-term vision.