Elon Musk's AI segment lost $6.355 billion in 2026, accelerating from $1.561 billion in 2024, as SpaceX-xAI merger consolidates infrastructure spend.

Per SpaceX IPO filings, the combined SpaceX-xAI AI segment posted a loss from operations of $(6,355) million in 2025, up from $(1,561) million in 2024, with Q1 2026 losses reaching $(2,469) million versus $(936) million in Q1 2025. The IPO documents attribute the losses to cloud computing and GPU depreciation, data center infrastructure spend, and employee expenses.

SpaceX merged with xAI on February 2, 2026, bringing in X (formerly Twitter) and Grok, which had roughly 117 million monthly active users as of March 31, 2026. COLOSSUS II, a gigawatt-scale AI training cluster, anchors the infrastructure spend.

Tesla is funding a parallel buildout with Q1 2026 capex of $2.493 billion (+67% YoY) and CFO Vaibhav Taneja stating "our current expectation for 2026 is over $25 billion of CapEx", with negative free cash flow expected for the rest of the year. Tesla also holds a $2B investment in SpaceX equity and a joint $3 billion-ish research fab at Giga Texas.

NVIDIA's Q1 FY2026 Data Center revenue reached $39.112 billion (+73% YoY), with CEO Jensen Huang calling the moment "the largest infrastructure expansion in human history".