SpaceXAI launched Grok 4.5 on Wednesday, introducing a low-cost artificial intelligence model designed to handle coding, complex work tasks, and research-heavy projects. The new model is priced at $2 per million input tokens and $6 per million output tokens, positioning it as a cheaper alternative to existing enterprise AI solutions. This pricing strategy aims to address the rising costs enterprises face with high-volume AI workloads.

SpaceXAI operates as a wholly owned artificial intelligence unit of Space Exploration Technologies Corp. The company stated that Grok 4.5 is its strongest model to date and was trained in collaboration with Cursor. The model can build applications from simple prompts, create Excel models, draft PowerPoint slides, and write documents in Word.

Neil Shah, an analyst at Counterpoint, noted that enterprises are experiencing "token bill shock" as autonomous agents and coding tools consume large volumes of tokens. Grok 4.5 enters the market as a fast, "good enough" option priced below Anthropic's Claude Opus 4.8, which costs $5 for input and $25 for output per million tokens.

Shah indicated that enterprises are moving toward diversified AI stacks, routing workloads based on cost, speed, and accuracy rather than relying on a single provider. Companies might use Claude for complex, high-stakes tasks while utilizing Grok for high-volume developer workflows and repetitive agentic routing.

Access to Cursor telemetry data could help Grok improve through developer interaction feedback. If Grok maintains its cost advantage while narrowing the accuracy gap, it could reshape enterprise AI economics and pose a pricing threat to OpenAI and Anthropic.

Renowned short-seller Jim Chanos has highlighted a stark warning buried in Morgan Stanley’s new bullish research report on Space Exploration Technologies Corp. Despite assigning the company an “Overweight” rating, the underwriter disclosed that the space and AI giant faces a multi-year “Funding risk” totaling nearly $700 billion, with “no FCF-positive” cash flow projected until 2035. Chanos took to social media platform X to point out the sharp contradiction between the bank’s optimistic $300 price target and its underlying financial anxieties, calling the equity research disclosure “truly glorious.”

The $672 Billion Cash Hole

The snippet shared by Chanos reveals the steep cost of SpaceX’s physical infrastructure scaling. In the report, Morgan Stanley analysts wrote under a dedicated “Funding risk” section: “We forecast no FCF-positive year before 2035 and average external capital needs of roughly $84bn per year from 2027 to 2034.” Over those eight years, the required external capital totals approximately $672 billion. The underwriter explicitly warned that if debt markets cannot absorb these astronomical financing needs, SpaceX may be forced to “issue equity, reduce growth investment, or slow deployment.” High spending needs, including an estimated $300 billion in annual capex by 2031, make securing this external capital “one of the greatest risks to our forecasts,” noted Morgan Stanley.

High Risks vs. High Targets

Morgan Stanley’s base case relies on massive long-term Total Addressable Market (TAM) creation, forecasting SpaceX’s revenue to surge to $3.3 trillion by 2040. However, the immediate execution risks remain severe. The bank set an intentionally wide valuation range, spanning from a $75 bear case to a $600 bull case, balancing the company's unique technology against what is now exposed as a monumental capital hurdle.

Market Performance

Listed on June 12, 2026, SPCX shares were down 1.13% since their debut on the bourses. Despite its Monday inclusion in the Nasdaq 100 index, the stock had declined by 13.20% over the last five sessions. It closed 0.78% lower at $148.30 per share on Wednesday, and it was up 0.81% in overnight trading.