SpaceX 的雄心远不止于 AI 模型开发。其 xAI 部门的 Grok 聊天机器人难以与 OpenAI 和 Anthropic 竞争，但 SpaceX 成功将闲置资料中心算力出租，与 Anthropic 达成每月 12.5 亿美元的算力合约。该公司还计划自建晶片制造厂以降低对台积电（TSMC）和 Samsung 的依赖，此项工程可能耗资逾 1,000 亿美元（约合逾 3 兆新台币）。与此同时，SpaceX 债务已膨胀至约 290 亿美元，其 IPO 招股书警告资本支出将「大幅」增加。尽管截至三月底持有近 240 亿美元现金与短期有价证券，以当前烧钱速度，即便数百亿美元的 IPO 募资也未必能持续太久。
拟议的 1.8 兆美元 IPO 估值——超过 2025 年营收的 90 倍——要求投资者在连 Microsoft、Meta 等成熟超大规模企业的 AI 支出回报都受到质疑之际，展现非凡的信心。SpaceX 仍拥有强大优势：其火箭承载了全球逾 80% 的入轨载荷，且以每兆瓦计算，其 AI 训练集群的建置成本低于资料中心竞争对手。然而，SpaceX、OpenAI 和 Anthropic 三家资金密集型 AI 公司同时寻求上市，可能使投资者资金供给承受压力。招股书本身也承认，AI 部署需经历「多年投资期」方能产生持续正向调整后 EBITDA，凸显了 SpaceX 巨额支出与其不确定的长期回报之间的显著落差。
SpaceX, once lauded for capital efficiency through reusable rockets and profitable Starlink broadband, is undergoing a dramatic financial transformation as it repositions itself as an artificial-intelligence infrastructure company. The firm raised over $9 billion in venture capital as a standalone space company, but its February merger with Elon Musk's loss-making xAI — which has already raised more than $40 billion since its 2023 founding — has fundamentally altered its financial profile. Capital expenditures totaled over $20 billion in 2025, exceeding the company's $18.7 billion in revenue, and accelerated further in Q1 2026 to over $10 billion, double the quarter's revenue.
SpaceX's ambitions extend well beyond AI model development. Its xAI division's Grok chatbot struggles to compete with OpenAI and Anthropic, but SpaceX has found success renting spare data-center capacity, securing a $1.25 billion monthly computing deal with Anthropic. The company also plans to build its own chipmaking plant to reduce reliance on TSMC and Samsung, an endeavor potentially costing over $100 billion. Meanwhile, SpaceX's debts have swelled to approximately $29 billion, and its IPO prospectus warns that capital expenditures will increase "substantially." Despite holding nearly $24 billion in cash and securities at end of March, even tens of billions in IPO proceeds may not last long at the current burn rate.
A mooted $1.8 trillion IPO valuation — over 90 times 2025 revenue — demands extraordinary faith from investors at a time when even established hyperscalers like Microsoft and Meta face scrutiny over AI spending returns. SpaceX retains powerful advantages: its rockets carry more than 80% of global orbital payloads, and it builds AI training clusters more cost-effectively on a per-megawatt basis than data-center rivals. However, three capital-hungry AI companies — SpaceX, OpenAI, and Anthropic — seeking public listings simultaneously may strain investor appetite. The prospectus itself acknowledges a "multi-year investment horizon" before AI deployments generate sustained positive EBITDA, underscoring the significant gap between SpaceX's massive spending and its uncertain long-term returns.