xAI. The merged valuation is $1.25 trillion. The reason given by Musk is to build "data centers" in space. This statement sounds visionary. Until you think about it for 5 seconds. xAI is currently burning $1 billion every month. Last quarter, it had revenue of $107 million and a loss of $1.46 billion. In the first nine months of 2025, it burned nearly $8 billion in cash. Is this a business model? In contrast, SpaceX had revenue of $15 to $16 billion last year, with a profit of $8 billion. This is the only real money printer under Musk's umbrella. So, what do you do when your AI darling is about to drown on the eve of a super IPO? You shove it into that company that can still crazily suck money from the market. This script is not new. In 2016, Tesla acquired SolarCity. At that time, SolarCity was deep in debt and had a cash flow crisis. Tesla, at that time the only Musk company that could raise money, swallowed it. Wall Street's evaluation at the time was very direct, "a rescue disguised as a synergy." Once the news broke, Tesla's stock price dropped by 10%. This time, the story of SpaceX and xAI is a replay of the same script. SpaceX builds rockets. xAI trains large language models. These are two fields with no business overlap. This so-called synergy is like Microsoft announcing the acquisition of a cement and steel group, claiming that "data centers need concrete slabs." Logically, does that make sense? ...