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Anushka Dutta

Why Grok Could Be a Reason to Stay Away from the SpaceX IPO

SpaceX Grok SPACE X IPO Starlink CFRA Earth Oppenheimer

After a blockbuster IPO, Elon Musk’s Space Exploration Technologies Corp. (SPCX), more commonly known as SpaceX, is looking at further growth. However, its xAI unit (that houses X and Grok) might become a roadblock in that growth path.

Market intelligence firm Sensor Tower has found that while Grok’s user base has grown significantly since its launch last year, it is experiencing a slight decline, with MAUs down 5% quarter-over-quarter (Q2 quarter-to-date). Grok’s downloads are currently down 22% year-over-year (YOY) in the second quarter of 2026 (QTD, April-May). Analyst Kara Lee also pointed out that a dip in X usage might be concerning for the company.

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