Goldman Sachs expects SpaceX’s AI revenue to surge 100 times by 2030
Projections by Wall Street bank underpin the $1.78tn valuation group is pitching in IPO
SpaceX’s pitch to achieve a $1.78tn valuation in its initial public offering hinges on revenues at its AI unit surging by around 100 times by 2030, according to projections made by its lead investment bank Goldman Sachs.
Goldman expects revenues from SpaceX’s AI division to rise to $322bn by 2030 from $3.2bn in 2025, according to forecasts discussed by the Wall Street bank with a potential investor in the deal. SpaceX’s total revenue is expected to reach $474bn in 2030 from $18.7bn last year.
The bank’s lofty projections underscore the aggressive bets underpinning the AI investment boom by Big Tech firms that has propelled the US stock market to a series of record highs. Goldman’s model was verbally shared with the investor as SpaceX kicks off its IPO roadshow, in which bankers will seek to sell money managers on a deal that could raise up to $86bn.
The valuation of Elon Musk’s rockets-to-chatbot group rests on an assumption that its AI division xAI — which made a loss of $6.4bn in 2025 — has a total addressable market of $26.5tn, SpaceX’s IPO prospectus shows. That dwarfs the roughly $2tn total addressable market outlined for the group’s Starlink internet service and space operations.
Goldman’s projections show that the Wall Street bank expects revenues at SpaceX’s AI segment to rise 388 per cent to $15.6bn in 2026 compared with the year prior and reach $34.5bn in 2027. The estimates were confirmed by a person familiar with the matter.
SpaceX did not respond to a request for comment. Goldman declined to comment.