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

Odaily reports that analyst Robert Cyran stated Elon Musk's SpaceX is preparing to go public with a valuation of $1.75 trillion, but its prospectus is deeply mired in the “black hole” of artificial intelligence hype, with a significant portion of the concerns stemming from xAI.

xAI has created an enormous demand for capital expenditure, burning $7.7 billion in the first three months of this year—more than triple the amount from the same period last year, accounting for more than three-quarters of SpaceX's total investments. Meanwhile, the $2.5 billion operating loss in the first quarter is enough to drag the entire company into the red.

In addition, SpaceX has reached an agreement with Anthropic, which is renting Musk’s Colossus data center’s idle computing power for about $1.3 billion per month. Considering that xAI’s revenue over the past 12 months was just over $3 billion, this department’s main business has essentially become renting out idle servers. The real issue is that SpaceX's core AI business hasn’t made significant progress—Grok lags behind competitors in various benchmark tests, and first-quarter revenue grew less than 13% year-over-year. Meanwhile, Anthropic expects its quarterly growth rate to be five times that of SpaceX. In a sense, SpaceX is indeed a “rocket ship.” But from a financial perspective, it still struggles to reach “escape velocity.” (Golden Ten Data)