SpaceX's IPO filing with the U.S. Securities and Exchange Commission has exposed the staggering financials of Elon Musk's artificial intelligence company xAI, along with a massive compute deal with competitor Anthropic. xAI recorded an operating loss of $6.4 billion in 2025 on just $3.2 billion in revenue, a sharp escalation from a $1.56 billion loss on $2.62 billion in revenue in 2024. The filing details that revenue growth was driven by "AI solutions and infrastructure revenue" totaling $465 million, including $365 million from X and Grok subscriptions and $88 million from data licensing, plus $116 million in advertising.
Capital expenditures are accelerating dramatically: AI segment capex reached $12.7 billion in 2025, then surged to $7.7 billion in the first quarter of 2026 alone—an annualized run rate of $30.8 billion. Much of this spending targets compute infrastructure like the Colossus and Colossus II data centers in Tennessee, providing about 1 gigawatt of computing power. SpaceX plans to scale Grok to "multiple trillions of parameters," requiring even more compute, and envisions orbital AI data centers as early as 2028.
Simultaneously, the S-1 filing revealed that Anthropic has agreed to pay xAI $1.25 billion per month for access to 300 megawatts of compute capacity from Colossus 1, equivalent to roughly 220,000 GPUs. The contract runs through May 2029 and could generate over $40 billion in total revenue. Either party can terminate with 90 days' notice. This arrangement gives xAI a critical revenue stream while its own Grok AI user base remains relatively small—117 million monthly active users out of 550 million total across Grok and X.
Investors are now weighing the financial reality against Musk's long-term AI ambitions as SpaceX targets a Nasdaq listing under ticker SPCX as early as June 12, 2026, with a potential valuation of $1.75 trillion. Anthropic is also reportedly preparing an IPO for October 2026, possibly valued near $1 trillion. The disclosures underline the intense capital demands of frontier AI, with xAI’s losses far outpacing revenue growth.
