It was all stock: xAI at about $250 billion, SpaceX at about $1 trillion, and about $1.25 trillion combined.
Source: SpaceX S-1, May 20, 2026. In 2025 the AI segment spent $12.7 billion on capital expenditure against $3.2 billion of revenue (about 4.0×). Reuters reported connectivity revenue up 66% to $4.3 billion in Q2.
Key takeaways
- As an illustration only, $1.25 billion a month annualizes to about $15 billion, roughly 4.7× the AI segment’s 2025 revenue.
- Consensus figures relayed second-hand (Bloomberg via Pepperstone via Teslarati) are about $12.9 billion of revenue, $6.4 billion of AI revenue and…
- 0.1433 SpaceX shares per xAI share, pre-split.
The S-1 shows a 2025 AI segment operating loss of $6.4 billion on $3.2 billion of revenue and $12.7 billion of capex.
Read the full article: https://www.mostexpensives.com/spacex-xai-250b-deal-explained/
