Well this is the Ambiguous Element of the Franchise, its open for them to explore either route.. more so if you read into the Book, but then the movies are to be considered True Canon.
So it means they can explore it in a number of ways..
1) David Created the Precursor to the Xenomorph and the Engineers Evolve it.
2) David Evolves the Engineers Creation (Xenomorph)
I do think RS is going for David as the Creator however, but we know if so, his Xenomorph has to become more Aesthetically like the 1979 Xenomorph and has to get onto a Engineer Ship in their Thousands (Eggs) that just happens to be very close to LV-223
Thus..... Engineers and LV-223 i think will become the Final Pieces of this Puzzle.