Analysts say SpaceX is planning to go public with a valuation of $1.75 trillion, but the prospectus is troubled by hype from xAI, with huge capital expenditures. In Q1 2024, it burned $7.7 billion, a threefold increase year-over-year, with a $2.5 billion loss dragging down the overall picture. SpaceX reached an agreement with Anthropic, which rents about $1.3 billion per month for idle computing power. xAI's revenue in the past 12 months is approximately $3 billion, with no obvious progress in core business, Grok lagging behind, and Anthropic growing faster. Overall, SpaceX is like a rocket, still difficult to achieve escape velocity.

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2026-05-22 11:57:21

Abstract generation in progress

Golden Finance reported that on May 22, analyst Robert Cyran said that Musk’s SpaceX is preparing to enter the public markets with a valuation of $1.75 trillion, but its prospectus is mired in the “black hole” of artificial intelligence hype, with a substantial portion of the issues coming from xAI. xAI has brought an extremely large capital expenditure requirement; in the first three months of this year, it burned through $7.7 billion, more than tripling year over year, accounting for more than three-quarters of all SpaceX investments. In addition, a $2.5 billion operating loss in the first quarter was enough to drag the entire company into losses. Furthermore, SpaceX has reached an agreement with Anthropic, which is renting idle computing power from Musk’s Colossus data center for about $1.3 billion per month. Given that xAI’s revenue over the past 12 months has been only slightly above $3 billion, the main business of this division has essentially become leasing out idle servers. The real problem is that SpaceX’s core AI business has not made clear progress; its AI system is trailing competitors in various benchmark tests, and first-quarter revenue grew by less than 13% year over year. Meanwhile, Anthropic expects its quarterly growth rate to be five times that of the former. In a sense, SpaceX really is a “rocket ship.” But from a financial perspective, it still struggles to reach “escape velocity.”

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Analyst: SpaceX's IPO push and AI business spark major doubts

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