xAI burned $6.4B last year. SpaceX’s IPO filing shows why the spending is far from over

SpaceX’s IPO filing revealed xAI lost $6.4 billion on $3.2 billion in 2025 revenue, offering the first public look at its finances.

The filing also shows capex is rising sharply as xAI expands compute for Grok and aims at multi-trillion-parameter frontier models.

Musk’s AI push includes Colossus and Colossus II data-center buildouts, plus longer-term plans for orbital AI satellites.

The disclosure suggests xAI’s losses could widen further as it scales training and infrastructure to compete with OpenAI and Anthropic.