xAI lost $6.4B in 2025 as SpaceX IPO reveals plans for trillion-parameter Grok

Elon Musk's xAI lost $6.4 billion from operations on $3.2 billion in revenue in 2025, according to SpaceX's IPO filing. The losses are widening: in 2024, xAI lost $1.56 billion on $2.62 billion in revenue. SpaceX merged with xAI in February 2026 and plans to go public this year at a potential $1.75 trillion valuation. Revenue growth came from AI solutions and infrastructure ($465 million), including X and Grok subscriptions ($365 million) and data licensing ($88 million), plus $116 million in advertising. AI capital expenditures hit $12.7 billion in 2025 and $7.7 billion in Q1 2026 alone, an annualized run rate of $30.8 billion. As of March 2026, Grok had 117 million monthly active users out of 550 million across X and Grok combined. SpaceX plans to scale Grok to 'multiple trillions of parameters' and expand AI compute infrastructure, including the Colossus and Colossus II data centers (1 GW total). Orbital AI compute satellites are targeted for deployment as early as 2028. Competitor Anthropic expects $10.9 billion in Q2 2026 revenue and its first operating profit.