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After SPCX fell below its issue price, investors may not have given up on Rocket and Starlink. They are withdrawing an unpaid $250 billion AI prepayment. $250 billion, $6.355 billion. - The previous figure is the valuation given to xAI when SpaceX acquired it. - The latter figure is the AI division's operating loss for 2025 disclosed in the prospectus. When SpaceX completed its acquisition of xAI in February, the two companies were priced at $1 trillion and $250 billion, respectively. The merged entity is valued at $1.25 trillion, with xAI accounting for about one-fifth of that. Most xAI shares are processed at a rate of 0.1433 SpaceX shares per share, with some eligible employees able to choose a cash consideration of $75.46 per share. Chart | SpaceX reports a valuation rising from $74 billion in 2021 to $1 trillion in 2026 when it merges with xAI. Valuation expansion is much faster than that of traditional aerospace companies. Source: Media reports, Reuters Graphics. This deal expands SpaceX's business boundaries. Investors are buying more than just rockets, Starlink, and government contracts. Each SPCX share also includes Grok, the X platform, a ground-based AI data center, and an expensive computing power expansion plan. Image | After xAI was merged, SpaceX was no longer just a rocket and satellite network company. Traditional aerospace assets and AI infrastructure are now being jointly borne by the same group of shareholders