Deep| $SPCX : Grok 4.5 Brings SpaceXAI Back at the Frontier-Lab Table; Remain Bullish on Harness Data Flywheels and Compute Demand What matters most about the Grok 4.5 release is that xAI / SpaceXAI is back at the table among North American frontier labs. At the beginning of the year, the North American frontier-model race still looked like a five-player game: OpenAI, Anthropic, Google, Meta, and xAI. But for a stretch, xAI had clearly fallen behind, and the market was more willing to treat it as a new neocloud, so the narrative shrank from five players to four. More recently, reports that Meta wanted to build “Meta Compute” and sell spare AI compute were read as frontier-lab consolidation and compute oversupply, bearish for neoclouds and AI infrastructure. Detailed Report