Hacker News
Reuters: SpaceX xAI Division Lost $6.4B in 2025, Consumed 61% of $20.7B Total Capex
Reuters analysis reveals SpaceX's AI division (home to xAI) posted a $6.4 billion operating loss in 2025 while accounting for 61% of the company's $20.74 billion total capital spending. Starlink doubled operating income to $4.42B but can't cover the AI burn rate — SpaceX's total capex exceeded revenue by roughly $2 billion. With a $1.75 trillion IPO target and plans for space-based data centers, the company's cash-burn profile looks more like a late-stage startup than a trillion-dollar incumbent. The core question: can Starlink profits subsidize an AI moonshot indefinitely?
↳ Follow the thread