XMax Inc. (NASDAQ: XWIN), traditionally a furniture designer and health products maker, has rapidly transformed into an artificial intelligence player, reporting $4.8 million in contracted AI revenue and targeting over $30 million in the next six to twelve months. The company, which also holds a significant investment in SpaceX shares through a fund, saw net sales surge 73% to $16.7 million in 2025, driven by a 102% increase in average selling prices.
The pivot comes as challenging conditions in the furniture industry prompted XMax to diversify into AI and advanced technology sectors. The company's new AI unit, XMax AI, signed a one-year $4.8 million API agreement in early May, with a customer paying roughly $400,000 per month for access to its AI models. The contract could be extended, and XMax AI is in talks with three other potential customers, paving the way to achieve the $30 million revenue forecast.
Equity Research, a Wall Street firm, initiated coverage on XMax with a buy rating, calling it “one of the most compelling small-cap AI platform stories in the current public market.” The firm highlighted the combination of usage-based billing with intelligent routing as strategically significant, noting that “revenue scales naturally with customer adoption, model variety can expand without changing the underlying commercial framework and gross margins improve as volume grows.”
The AI platform, deployed in April in collaboration with Cloud Alliance Inc., is fully operational on AWS infrastructure and ready for enterprise-scale commercialization. XMax CEO Xiaohua Lu called the agreement a “significant milestone” that validates the technical strength of the infrastructure and growing market demand for scalable AI solutions.
To support its AI strategy, XMax launched two public-facing websites: aimax.com for consumers and ai.xmax.com for enterprise customers. Equity Research noted that these sites provide a public entry point to AI commercialization activities and reinforce XMax's classification as an operating technology company rather than an investment vehicle. The firm sees a credible path for XMax to be added to the Russell 2000 during its reconstitution in June 2026, which could open the stock to institutional index funds and ETFs.
In addition to AI, XMax has deployed $33.6 million into funds that hold direct exposure to SpaceX shares and xAI Series B Preferred Stock, including a $5.6 million stake in Preamble X Capital I. This investment comes just weeks before SpaceX's anticipated IPO, expected in June 2026 at a valuation of $1.75 trillion to $2 trillion, which could be the world's largest ever. Equity Research stated that the unrealized appreciation on XMax's SpaceX-related investments is poised to become “one of the most consequential value events in the company's history.”
XMax also has a $1 billion universal shelf registration on file with the U.S. Securities and Exchange Commission, providing firepower to expand infrastructure, pursue acquisitions, and accelerate AI deployment. Despite headwinds in the broader furniture market, XMax's legacy distribution business reported revenue up 12% year-over-year in the most recent third quarter, contributing to the 73% net sales increase for 2025.
