SpaceX S-1 Filing Reveals X Has 550 Million Users, xAI Lost $6.4 Billion

SpaceX has filed its S-1 document ahead of a planned IPO, offering a rare look into the financial and operational performance of Elon Musk’s consolidated business empire, which now includes X, xAI, and its space infrastructure ventures.

The filing confirms X currently has approximately 550 million users as of March 2026, a figure notably lower than the 600 million monthly active users the platform has publicly claimed for years. The user base grew modestly from 520 million in December 2025. Users collectively generate around 350 million posts daily, down from the 500 million posts per day X reported back in 2023.

Grok Adoption Remains Limited

Despite being deeply integrated into X, the Grok AI chatbot draws only about 117 million monthly active users, meaning roughly 79% of X’s user base does not engage with it. Combined paid subscribers across X Premium and SuperGrok plans total approximately 6.3 million, representing less than 1% of X’s overall user base.

xAI’s Losses Raise Questions

Financially, xAI reported a staggering $6.4 billion operating loss in 2025 against just $3.2 billion in revenue, highlighting the enormous cost of competing in the AI space. Meanwhile, X’s advertising revenue continues to lag well behind its pre-Musk peak of $4.4 billion in 2022.

The filing also revealed a major infrastructure deal, with Anthropic agreeing to pay $15 bil