Morningstar warned, “‘Financials Look Reckless’: Lifting xAI’s Hood in the SpaceX IPO”. Its AI division, xAI, lost $2.47 billion on $818 million in the first quarter of this year. “If you compare xAI to a traditional SaaS company, the financials look reckless,” Harrison Rolfes, a senior research analyst at PitchBook, wrote. That may be a ... Grok Could Undermine SpaceX IPO