Who is betting on what in AI, and against whom.
xAI (SpaceX AI division)
Grok. Compute-maximalist.
- Ticker
NASDAQ:SPCX- Status
- merged. Acquired by SpaceX in an all-stock deal on 2026-02-02 at a $250B valuation; SpaceX listed on Nasdaq as SPCX on 2026-06-12. xAI no longer exists as a separate company.
- HQ
- Palo Alto
- Founded
- Mar 2023
- Web
- x.ai
- Camps
- LLM scaling
What it does
xAI built Grok on a compute-maximalist strategy and burned more than $12B a year doing it. In February 2026 SpaceX absorbed it in an all-stock merger valuing the combined company at $1.25T, and SpaceX went public in June, raising $75B in the largest IPO on record. Grok and X are now the AI division of a listed company.
Camp membership over time
-
Mar 2023 – now
Capital
| Amount | Kind | Valuation | Date | Investors | Source |
|---|---|---|---|---|---|
| $6B | Series B | $24B post-money | May 2024 | Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia, Fidelity | xAI |
| $6B | Series C | $50B reported | Dec 2024 | Andreessen Horowitz, BlackRock, Fidelity, Nvidia, AMD, Sequoia, Valor | xAI |
| $5B | debt and equity | Jul 2025 | Morgan Stanley (debt) $5B of equity counted here; a further $5B was debt arranged by Morgan Stanley. | CNBC | |
| $20B | Series E | $230B post-money | Jan 2026 | Nvidia, Valor, Fidelity, QIA | xAI |
| $250B | merger | $1.25T reported | Feb 2026 | SpaceX All-stock acquisition by SpaceX; combined company valued at $1.25T. | CNBC |
| $75B | ipo | $1.77T reported | Jun 2026 | SpaceX IPO at $135/share, first-day close $161. | CNBC |
People
General sources
CNBC 2026-02-03