Analyst: SpaceX's sprint towards an IPO in the AI business raises the biggest doubts.

Analyst Robert Cyran stated that 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 issues stemming from xAI. xAI has brought about extremely large capital expenditure requirements, burning through $7.7 billion in the first three months of this year, more than triple the same period last year, accounting for over three-quarters of all of SpaceX's investments, and a first-quarter operating loss of $2.5 billion is enough to drag the entire company into the red. In addition, SpaceX has reached an agreement with Anthropic, which is renting out the unused computing power of Musk's Colossus data center for approximately $1.3 billion per month. Considering that xAI's revenue in the past 12 months was just slightly over $3 billion, the primary business of this department has essentially become renting out unused servers. The real problem lies in the fact that SpaceX's core AI business has not made significant progress, with Grok lagging behind competitors in various benchmark tests, and first-quarter revenue only increasing by less than 13% year-on-year. Meanwhile, Anthropic is expected to achieve a growth rate five times that of SpaceX in a single quarter. In a sense, SpaceX is indeed a "rocket ship." But from a financial perspective, it still struggles to reach "escape velocity."