According to the CITIC Securities Research Report, xAI is an important player in the global AI model industry and an important part of SpaceX's “space-connection-AI” strategy. Relying on the Colossus cluster, X real-time data, Grok model and Cursor developer portal, the company initially formed a closed loop of “computing power - data - model - application”. We believe that xAI currently shows the characteristics of “first-line infrastructure and second-line models”. The medium-term growth will mainly come from computing power leasing and Cursor. The commercialization potential of the Grok 4.5 model and application has yet to be verified. Currently, the company's computing infrastructure capital expenditure has reached 12.7 billion US dollars, but AI's native revenue is less than 500 million US dollars, and there is still a clear mismatch between commercialization progress and infrastructure investment. We believe that the company's growth will mainly depend on the growth of its computing power leasing and Cursor. Among them, the computing power leasing business order volume reached 80 billion US dollars, which is the core driving force for xAI's growth. Currently, the big model industry is at the inflection point of technology and commerce. We are optimistic about AI infrastructure vendors with order and delivery capabilities, and AI application investment opportunities that can take the lead in realizing user growth and commercial value. Follow-up focus is on tracking commercial product forms, the evolution of the competitive pattern of model manufacturers, and revenue and profit growth curves.

According to the CITIC Securities Research Report, xAI is an important player in the global AI model industry and an important part of SpaceX's “space-connection-AI” strategy. Relying on the Colossus cluster, X real-time data, Grok model and Cursor developer portal, the company initially formed a closed loop of “computing power - data - model - application”. We believe that xAI currently shows the characteristics of “first-line infrastructure and second-line models”. The medium-term growth will mainly come from computing power leasing and Cursor. The commercialization potential of the Grok 4.5 model and application has yet to be verified. Currently, the company's computing infrastructure capital expenditure has reached 12.7 billion US dollars, but AI's native revenue is less than 500 million US dollars, and there is still a clear mismatch between commercialization progress and infrastructure investment. We believe that the company's growth will mainly depend on the growth of its computing power leasing and Cursor. Among them, the computing power leasing business order volume reached 80 billion US dollars, which is the core driving force for xAI's growth. Currently, the big model industry is at the inflection point of technology and commerce. We are optimistic about AI infrastructure vendors with order and delivery capabilities, and AI application investment opportunities that can take the lead in realizing user growth and commercial value. Follow-up focus is on tracking commercial product forms, the evolution of the competitive pattern of model manufacturers, and revenue and profit growth curves.