SpaceX recorded revenues exceeding $18.5 billion last year while incurring a net loss of nearly $5 billion, according to a report by The Information on the 9th. This figure, which consolidates SpaceX with the AI company xAI acquired in February, reveals the significant cost of the commercial space giant's AI expansion as it prepares for the largest IPO in history.

The aforementioned loss and consolidated financial data had not been previously disclosed, according to sources familiar with the matter. SpaceX has historically maintained strict confidentiality regarding its financial information, and the exposure of this data offers the public its first glimpse into the substantial drag xAI's integration has had on overall performance.

This situation directly impacts the investment judgments of potential IPO investors. Analysts point out that investors willing to participate in SpaceX's listing will, in effect, be financing Musk's AI business, which has not yet been thoroughly validated by the market, rather than solely betting on its high-growth commercial space and satellite communication core businesses.

Loss Attributed to xAI Consolidation; Commercial Space Operations Remain Strong

SpaceX's revenue exceeding $18.5 billion last year demonstrates the continued strong growth momentum in its commercial space launches and "Starlink" satellite internet services. However, the nearly $5 billion net loss indicates that xAI's substantial AI investments have significantly impacted overall profitability.

xAI was founded by Musk and acquired by SpaceX in February of this year. Since then, the financial data of both companies have been consolidated, causing SpaceX's income statement to reflect xAI's high expenditures on computing infrastructure and AI research and development.

IPO Prospects: Investors Must Also Embrace an Unproven AI Bet

SpaceX's IPO is widely anticipated to set a record for the largest public offering in history. However, the consolidated financial structure implies that interested investors will passively bear the expansion risks of xAI's business while gaining exposure to SpaceX's commercial space assets.

The latter is still in its early stages, lacking a mature business model and a sufficiently validated path to profitability. According to The Information, the aforementioned financial information was disclosed by two sources familiar with the matter. The report is marked as "ongoing," suggesting that more details may emerge over time.