Goldman Sachs sees 100-fold jump in SpaceX AI revenue to $322 billion by 2030: Report – Firstpost

Elon Musk-led SpaceX could see its artificial intelligence business expand at an extraordinary pace over the next decade, with Goldman Sachs projecting a 100-fold surge in revenue to $322 billion by 2030, the Financial Times reported.

The forecast, the report said, is based on projections shared by the Wall Street bank with a potential investor and underscores the scale of expectations surrounding one of the most closely watched listings in recent years.

According to the report, SpaceX’s AI division is expected to generate just $3.2 billion in 2025 before rising sharply to $322 billion by 2030—marking a dramatic transformation of what is currently a relatively nascent revenue stream.

Overall, Goldman Sachs estimates SpaceX’s total revenue could climb to $474 billion by 2030, up from $18.7 billion last year, suggesting that AI could become one of the company’s most significant future growth engines alongside its core aerospace and satellite businesses.

AI segment seen as key growth driver

The bank has also projected a steep near-term acceleration in SpaceX’s AI-linked operations. Revenue from the segment is expected to rise 388 per cent year-on-year to $15.6 billion in 2026, before reaching $34.5 billion in 2027, according to the report, which cited a person familiar with the matter.

The AI business reportedly includes Elon Musk’s broader technology ecosystem, spanning xAI and the social media platform X. However, the structure of revenue attribution and integration between these units remains unclear.

Mega IPO plans and underwriting push

The forecasts come as SpaceX prepares for what could become one of the largest initial public offerings in history. The company is reportedly aiming to raise around $75 billion at a valuation of about $1.75 trillion, placing it among the most valuable US-listed firms at listing.

Major global investment banks, including Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase, are among the underwriters supporting the offering, alongside Goldman Sachs.

The company has set an
IPO share price of $135 and has begun its investor roadshow, with pricing expected on June 11 and trading on the Nasdaq scheduled to begin the following day.

Despite the ambitious targets, investor interest is expected to remain strong, driven by Elon Musk’s track record across companies including electric vehicles, rockets and artificial intelligence ventures.

Valuation gap and investor caution

However, analysts remain divided on the company’s aggressive projections. Research firm Morningstar has reportedly valued SpaceX at around $780 billion—less than half of its targeted IPO valuation.

Morningstar has also flagged uncertainty around the long-term economics of SpaceX’s AI ambitions, citing unclear monetisation pathways and intensifying competition from established players such as OpenAI and Anthropic.

Questions also remain over how effectively SpaceX can integrate and scale AI-driven businesses alongside its core space and satellite operations, especially at the magnitude implied by Goldman Sachs’ forecasts.