SpaceX IPO filing reveals $6.36B AI loss

spacex's ipo filing exposes a financial reality where the xai division is the primary cost driver, posting a $6.36 billion loss in 2025 after the acquisition. capital spending nearly doubled to $20.74 billion to support these operations, while the company booked a $4.94 billion net loss for the year. to scale further, spacex committed $60 billion to acquire coding startup cursor and revealed a contract where anthropic pays $1.25 billion monthly for access to its colossus supercomputers. despite burning cash, the company claims a $28.5 trillion addressable market for orbital data centers and granted elon musk 85.1% voting control.