Analyst: SpaceX Aims for IPO, AI Business Sparks Biggest Doubts

Analyst Robert Cyran from Odaily Planet Daily reported that Musk's SpaceX is preparing to go public on the open market with a valuation of $1.75 trillion. However, its prospectus is deeply trapped in the "black hole" of AI hype, with a considerable portion of the issues stemming from xAI.

xAI brings with it an enormous demand for capital expenditure. It burned through $7.7 billion in the first three months of this year, more than triple the amount from the same period last year, accounting for over three-quarters of SpaceX's total investment. Meanwhile, the $2.5 billion operating loss in the first quarter is enough to drag the entire company into the red.

Furthermore, SpaceX has struck a deal with Anthropic, which is leasing idle computing power from Musk's Colossus data center at a rate of approximately $1.3 billion per month. Considering that xAI's revenue over the past 12 months was just over $3 billion, the main business of this division has essentially become renting out idle servers. The real problem is that SpaceX's core AI business has not made significant progress. Grok lags behind competitors in various benchmark tests, with year-over-year revenue growth in the first quarter below 13%. Meanwhile, Anthropic's expected single-quarter growth rate is five times that of the former. In a sense, SpaceX is indeed a "rocket ship." But from a financial perspective, it still struggles to reach "escape velocity." (Jinshi Data)