Elon Musk’s SpaceX released its S-1 document on Wednesday, ahead of its planned IPO filing. The U.S. Security and Exchange Commission filing provides some interesting notes on the valuation of the combined SpaceX/xAI/X Corp entity, which now oversees virtually all of Musk’s non-Tesla business interests.
The document shares more specific insight into the performance of each company under the broader SpaceX umbrella, including X, the platform formerly known as Twitter, which was rolled into xAI back March 2025. xAI was then acquired by SpaceX in February as part of a corporate restructure.
That means that X is about to become a public company once again, which could mean it will be releasing specific insight into performance metrics, including active user counts and revenue.
Or it may all be obscured under broader notes from SpaceX.
Either way, within the S-1 overview, there are some interesting data notes, including:
- X has about 550 million users, which is lower than the 600 million MAU that X has repeatedly claimed over the past two years.
- X’s 550 million users, as of March 2026, is up from 520 million in December 2025, as per the filing.
- X users cumulatively generate about 350 million posts in the app each day. In 2023, X reported that its users generated 500 million posts per day, broken down to 100 million original posts, 100 million replies and 300 million quotes and reposts. It’s not clear how this 350 million number is broken down.
- The Grok chatbot from xAI currently sees about 117 million monthly active users, which means only around 21% of X users are using Grok.
- X and Grok subscriptions increased by $365 million in 2025.
- X and xAI currently have approximately 6.3 million active paid subscribers, comprising about 4.4 million X Premium and Premium+ paid subscribers and about 1.9 million SuperGrok, SuperGrok Heavy and SuperGrok Lite paid subscribers. That means that fewer than 1% of X’s user base is paying for X Premium.
- In 2025, xAI reported a loss from operations of $6.4 billion, versus $3.2 billion in revenue. By contrast, in 2022 X generated $4.4 billion in ad revenue, according to Investopedia.
In addition to these usage and subscriber figures, the SpaceX filing also outlines key areas of potential growth for the business, including how it plans to grow X and Grok usage.
“We intend to drive X revenue growth by increasing engagement across our users, increasing X Premium subscriber conversion, growing advertising revenue per user, and diversifying our advertising base,” the company said in the filing.
The company also pointed to its planned evolution of X into an everything app, which will eventually integrate real-time information, communications, media, payments, banking, and more “within one consumer app experience,” the company said. Though there was no update on the rollout of X Money or in-stream payments, which have been delayed by regulatory hurdles.
The only mention on that front was that X Money was launched in beta in November 2025.
“We also expect to grow advertising revenue per user and to diversify our advertiser base over time because of X’s compelling advertiser value proposition — large-scale user engagement, real-time content, and advanced AI-driven performance marketing tools,” the company said.
X’s ad revenue has declined significantly since Elon Musk took over the app in 2022. While there have been some signs of advertisers returning to the platform, the numbers in the filing suggest that the app is still a long way from regaining its advertiser momentum.
“We intend to drive further advertising revenue growth by improving our performance advertising capabilities, embedding AI to optimize ad campaigns, and launching richer ad formats, including those that increase advertiser return on ad spending and their spend with us,” the company said..
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