xAI burned $6.4B last year — SpaceX’s IPO filing shows why the spending is far from over | TechCrunch
Elon Musk’s xAI lost $6.4 billion from operations on just $3.2 billion in revenue in 2025, according to SpaceX’s IPO filings . …
Elon Musk’s xAI lost $6.4 billion from operations on just $3.2 billion in revenue in 2025, according to SpaceX’s IPO filings . …
… If a filing does happen in the near future, the IPO could take place as soon as September. This is all according to a pair of company insiders who spoke to the paper. They said that OpenAI has been laying the groundwork for an IPO filing via discussions with Goldman Sachs and Morgan Stanley. …
… Anthropic has not yet set a price target for the listing, but its backers expect the IPO to value it at more than $1 trillion. The company said the confidential filing “gives us the option to go public after the SEC completes its review. …
… Per the filing, Musk will be the CEO, CTO, and chairman of the SpaceX board after the IPO. …
… Other competitors to Anthropic’s Claude include Gemini, though Google is well beyond filing for an IPO. …
… SpaceX acknowledges the risks in its IPO filing. “We currently rely significantly on natural gas and gas turbine technology to power our data center operations,” it wrote. …
… Both Goldman Sachs and Morgan Stanley have been assisting OpenAI in drafting IPO documentation and may file it with regulators as soon as Friday, according to The Journal. On Monday, a jury dismissed all claims in Elon Musk's lawsuit against Altman , which paved the way for IPO talks. …
… The company pulled its filing little more than a month later. …
… Any scandalous information about OpenAI’s C-suite could derail the IPO. Musk is also potentially vulnerable to mud-slinging. Musk’s SpaceX has filed confidentially for an IPO, which may happen as soon as June. …
… Musk claimed his rocket company could launch data centers into space for his AI lab, but the letter's authors argue that xAI’s poor record on safety issues could complicate how investors view the combined company as it gets ready to submit its IPO prospectus filing. …