SpaceX's IPO filing reveals xAI lost $6.4 billion in 2025 on $3.2 billion in revenue, with losses widening sharply from $1.56 billion in 2024. AI segment capital expenditures hit $7.7 billion in Q1 2026 alone, implying an annualized capex run rate of ~$30.8 billion. Grok has 117 million monthly active users out of 550 million combined MAUs. Plans call for scaling Grok to 'multiple trillions of parameters,' backed by the Colossus and Colossus II data centers providing 1 gigawatt of compute. SpaceX also plans orbital AI compute satellites as early as 2028 as a cheaper alternative to terrestrial infrastructure.
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