[Analyst: SpaceX Races Toward IPO, AI Business Sparks Major Doubts] According to a report by Jinse Finance on May 22, analyst Robert Cyran stated that Elon Musk's SpaceX is preparing to go public with a valuation of $1.75 trillion. However, its prospectus is deeply mired in the "black hole" of artificial intelligence hype, with a significant portion of the concerns stemming from xAI. xAI has brought about an enormous demand for capital expenditures, burning through $7.7 billion in the first three months of this year—more than triple the amount from the same period last year—accounting for over three-quarters of SpaceX's total investments. Additionally, the $2.5 billion operating loss in the first quarter alone is enough to drag the entire company into the red. Moreover, SpaceX has entered into an agreement with Anthropic, which is renting Musk's Colossus data center's idle computing power at a rate of approximately $1.3 billion per month. Considering that xAI's revenue over the past 12 months barely exceeded $3 billion, the division's primary business has effectively shifted to leasing idle servers. The real issue lies in the fact that SpaceX's core AI business has not made significant progress. Grok lags behind competitors in various benchmark tests, and its first-quarter revenue grew by less than 13% year-over-year. Meanwhile, Anthropic's quarterly growth rate is expected to be five times that of SpaceX's AI division. In a sense, SpaceX is indeed a "rocket ship." But from a financial perspective, it still struggles to reach "escape velocity."