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CITIC Securities: xAI’s mid-term growth will mainly come from compute power leasing and Cursor

MarsBitNews
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Mars Finance reports that a research report from Citic Securities says xAI is an important participant in the global AI model industry and an essential part of SpaceX’s “space—connectivity—AI” strategy. Relying on the Colossus cluster, real-time X data, the Grok model, and the Cursor developer portal, the company has initially formed a “compute power—data—model—application” closed loop. Citic Securities believes xAI currently shows the characteristics of “infrastructure on the front line, models on the second line,” and that in the medium term, growth will mainly come from compute power leasing and Cursor. The commercial potential of the Grok 4.5 model and its applications still needs to be validated. The company’s current compute power infrastructure capital expenditures reach $12.7 billion, but its AI-native revenue is less than $500 million, and there is still a clear mismatch between commercialization progress and infrastructure investment. Citic Securities believes the company’s growth will mainly depend on the growth of its compute power leasing and Cursor, among which the order scale for the compute power leasing business is $80 billion, serving as the core driver of xAI’s growth. Currently, the large model industry is at a dual inflection point in both technology and business; it is optimistic about AI infrastructure vendors that have the ability to secure orders and deliver, as well as AI application investment opportunities that can realize user growth and commercial value earlier. Next, focus will be on tracking commercialization product forms, the evolving competitive landscape among model vendors, and the growth curves of revenue and profit. (China Finance Network)
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