Musk AI Losses Hit $6.4B as Tesla $25B Capex Fuels Burn

On June 4 coverage revealed SpaceX-xAI posted $6.355B operating losses for 2025 and $2.469B in Q1 2026, underscoring the scale of Elon Musk’s AI buildout. The story began June 1 with Wedbush’s 80%+ probability of a Tesla-SpaceX merger, evolved on June 2 with SpaceX’s $1.75T IPO target and $1.25B monthly Anthropic contract, and shifted June 3 to investor debate favoring Tesla’s profitability ahead of the June 12 listing. Analysts now flag dilution risks and capital allocation pressures for TSLA shareholders despite its $1.6T market cap and positive cash flow.