[CITIC Securities: xAI's Mid-Term Growth Will Primarily Come from Computing Power Leasing and Cursor] DeepTech TechFlow reports that on July 17, CITIC Securities released a research report stating that xAI is a key player in the global AI model industry and an integral part of SpaceX's 'Aerospace-Connectivity-AI' strategy. Leveraging the Colossus cluster, X real-time data, Grok models, and the Cursor developer portal, the company has initially established a closed-loop system encompassing 'computing power-data-model-application.' CITIC Securities believes that xAI currently exhibits characteristics of 'infrastructure as the frontline, models as the second line,' with mid-term growth primarily driven by computing power leasing and Cursor. The commercial potential of the Grok4.5 model and its applications remains to be validated. At present, the company's capital expenditure on computing power infrastructure has reached $12.7 billion, while AI-native revenue is less than $500 million, highlighting a significant mismatch between commercialization progress and infrastructure investment. CITIC Securities asserts that the company's growth will mainly rely on the expansion of its computing power leasing and Cursor businesses, with computing power leasing orders amounting to $80 billion, serving as the core driver of xAI's growth. The current large-scale model industry is at a dual inflection point of technology and commercialization. CITIC Securities is optimistic about AI infrastructure providers with order and delivery capabilities, as well as investment opportunities in AI applications that can lead in realizing user growth and commercial value. Future focus will be on tracking the commercialization of product forms, the evolution of competitive dynamics among model providers, and revenue and profit growth curves.