xAI burned $6.4B last year. SpaceX’s IPO filing shows why the spending is far from over

xAI 去年烧掉 64 亿美元。SpaceX 的 IPO 文件揭示了为何支出远未结束

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. And the losses are poised to grow. SpaceX’s filing reveals plans to scale Grok to “multiple trillions of parameters,” a dramatic boost that will likely require significant additional compute spend. 根据 SpaceX 的 IPO 文件显示，埃隆·马斯克（Elon Musk）旗下的 xAI 在 2025 年仅实现 32 亿美元营收的情况下，运营亏损高达 64 亿美元。而且，这一亏损额预计还将继续扩大。SpaceX 的文件披露了将 Grok 扩展至“数万亿参数”的计划，这种巨大的提升很可能需要额外的巨额计算支出。

Elon Musk merged his AI company xAI — which had previously acquired his social media platform X (formerly Twitter) — with his rocket and satellite company SpaceX in February before announcing that he’d take the combined company public this year. While AI competitors OpenAI and Anthropic are also eyeing public debuts in 2026, SpaceX’s is expected to be one of the largest in history with a potential $1.75 trillion valuation. 埃隆·马斯克于今年 2 月将其人工智能公司 xAI（此前已收购了他的社交媒体平台 X，前身为 Twitter）与他的火箭和卫星公司 SpaceX 合并，并宣布将在今年推动合并后的公司上市。尽管人工智能领域的竞争对手 OpenAI 和 Anthropic 也计划在 2026 年上市，但 SpaceX 的 IPO 预计将成为史上规模最大的 IPO 之一，估值可能达到 1.75 万亿美元。

The filing marks the first public glimpses into xAI, and therefore X’s, financials. In 2024, xAI recorded a loss of $1.56 billion on $2.62 billion in revenue. By 2025, losses had ballooned to $6.4 billion on $3.2 billion, meaning the gap between what xAI earns and spends is widening. Meanwhile, competitor (and customer) Anthropic reportedly expects a 130% revenue jump to $10.9 billion in the second quarter, leading to its first operating profit. 这份文件首次公开了 xAI 以及 X 的财务状况。2024 年，xAI 在 26.2 亿美元的营收下录得 15.6 亿美元的亏损。到了 2025 年，亏损额激增至 64 亿美元，而营收仅为 32 亿美元，这意味着 xAI 的收支缺口正在不断扩大。与此同时，竞争对手（也是客户）Anthropic 据报道预计第二季度营收将增长 130%，达到 109 亿美元，从而实现首次运营盈利。

The jump in revenue from 2024 to 2025 came in large part from “AI solutions and infrastructure revenue” totalling $465 million, which includes $365 million in X and Grok subscription revenue, and $88 million in data licensing. An additional $116 million came from advertising. 2024 年至 2025 年的营收增长很大程度上归功于总计 4.65 亿美元的“人工智能解决方案和基础设施收入”，其中包括 3.65 亿美元的 X 和 Grok 订阅收入，以及 8800 万美元的数据授权收入。此外，广告收入贡献了 1.16 亿美元。

AI segment capital expenditures climbed from $12.7 billion in 2025 to $7.7 billion in the first quarter of 2026 alone. That’s an annualized capex run rate of about $30.8 billion, more than doubling year-over-year. So far, that investment has resulted in growing, but still limited, user numbers. Per the filing, SpaceX recorded 117 million monthly active users for Grok AI features as of March 2026, out of 550 million total MAUs across Grok and X combined. That implies only one-fifth of the combined ecosystem is actively using Grok AI features. 人工智能部门的资本支出从 2025 年的 127 亿美元攀升至 2026 年第一季度的 77 亿美元。这意味着年化资本支出率约为 308 亿美元，同比翻了一番多。到目前为止，这些投资换来了用户数量的增长，但规模仍然有限。根据文件，截至 2026 年 3 月，Grok AI 功能的月活跃用户数为 1.17 亿，而 Grok 和 X 的总月活跃用户数为 5.5 亿。这意味着整个生态系统中只有五分之一的用户在积极使用 Grok AI 功能。

Still, SpaceX intends to soldier on with Grok; its next-generation AI is expected to scale to “multiple trillions of parameters,” which the filing describes as a “step change in reasoning in depth and overall intelligence.” It’s an ambitious target, and one that’s now recorded in the audited annals of SEC history. It’s also a target that will undoubtedly require more investment. 尽管如此，SpaceX 仍打算继续推进 Grok 的发展；其下一代人工智能预计将扩展至“数万亿参数”，文件将其描述为“推理深度和整体智能的阶跃式变化”。这是一个雄心勃勃的目标，现已被记录在 SEC 的审计档案中。这也是一个无疑需要更多投资的目标。

The SpaceX filing’s “use of proceeds” section mentions an “expansion of our AI compute infrastructure.” Per the filing, xAI’s Colossus and Colossus II data centers — both of which came online in 122 days and 91 days, respectively — collectively provide about 1 gigawatt of compute power. These are both used for Grok’s training and inference. SpaceX claims that owning the compute infrastructure and vertically integrating across the AI stack lets them “train and iterate frontier models at lower cost and higher velocity.” SpaceX 文件的“募集资金用途”部分提到了“扩展我们的人工智能计算基础设施”。根据文件，xAI 的 Colossus 和 Colossus II 数据中心——分别在 122 天和 91 天内上线——共同提供了约 1 吉瓦（1GW）的计算能力。这两者都用于 Grok 的训练和推理。SpaceX 声称，拥有计算基础设施并实现人工智能技术栈的垂直整合，使他们能够“以更低的成本和更快的速度训练和迭代前沿模型”。

Another way that SpaceX might assuage investor fears about spending is by performing training and inference on orbital data centers, which Musk has promised to be a much cheaper alternative to terrestrial data centers. That sci-fi vision isn’t likely to happen for several years, though. The filing says SpaceX intends to begin deploying its orbital AI compute satellites as early as 2028 — the first concrete timeline set for such a launch. “The future of AI will be determined by control of the physical stack,” the filing reads. SpaceX 可能用来缓解投资者对支出担忧的另一种方式是在轨道数据中心进行训练和推理，马斯克曾承诺这将是比地面数据中心便宜得多的替代方案。不过，这种科幻般的愿景在几年内不太可能实现。文件称，SpaceX 打算最早在 2028 年开始部署其轨道人工智能计算卫星——这是此类发射首次设定的具体时间表。“人工智能的未来将由对物理技术栈的控制来决定，”文件中写道。