Elon Musk’s artificial intelligence startup xAI reported a net loss of $1.46 billion for the September quarter, compared with a loss of $1 billion in the previous three months, Bloomberg News reported on Thursday, citing internal documents.
Revenue nearly doubled sequentially to $107 million in the period ended September 30, 2025, the report added.
Reuters could not immediately verify the report. When contacted by Reuters for comment, xAI replied with the message, “Legacy Media Lies.”
The AI startup also spent $7.8 billion in cash in the first nine months of the year, according to the report.
Startups in the AI space typically burn through huge amounts of cash, with billions poured into acquiring pricey, advanced data center hardware and attracting top generative AI researchers.
This week, xAI said it raised $20 billion in an upsized Series E funding round, exceeding its $15 billion target as it ramps up development of new AI models and computing infrastructure.
Reuters
