[SpaceX's xAI division is hemorrhaging cash](https://www.marketwatch.com/story/elon-musks-xai-is-draining-spacexs-cash-with-little-to-show-for-it-9517874d) at a scale most investors aren't pricing into the IPO chatter. $818M in quarterly revenue against $2.47B in operating losses means xAI is burning cash 3x faster than it's generating it. When SpaceX and Tesla merger speculation heats up—and it will once SpaceX goes public—that loss profile becomes Tesla's problem.

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