Goldman Sachs Projects 100-Fold SpaceX AI Revenue Growth Ahead of Record IPO

Yahoo News Canada reported Thursday that Goldman Sachs has shared projections with a prospective investor showing SpaceX’s AI division revenue will reach $322 billion by 2030. That would represent a 100-fold increase from the $3.2 billion the segment generated in 2025.

Goldman’s Numbers Paint an Aggressive Growth Picture

The Wall Street bank’s forecasts outline a steep ramp across the next four years. Goldman sees SpaceX AI revenue climbing roughly 388% year-over-year to $15.6 billion in 2026 alone. The figure is then projected to nearly double again to $34.5 billion in 2027 before accelerating sharply through the end of the decade.

Overall, Goldman projects SpaceX’s total company revenue will reach $474 billion by 2030. That compares with $18.7 billion the company generated last year, implying the AI segment alone would account for roughly two-thirds of total revenue at the end of the forecast window.

Goldman Sachs did not respond to a request for comment on the figures, and the projections could not be independently verified.

SpaceX IPO Sets Up to Be the Largest in History

The forecasts arrive as Elon Musk’s SpaceX prepares for what would be the largest initial public offering ever attempted. The company is targeting a raise of $75 billion at a valuation of $1.75 trillion. At that level, SpaceX would immediately rank among the ten most valuable publicly listed companies in the United States.

Goldman Sachs was previously reported to have been selected as a lead underwriter on the deal, a role that makes the bank’s internal revenue projections especially consequential for investor appetite.

Why the AI Angle Matters for IPO Pricing

SpaceX has traditionally been valued on its launch cadence, Starlink satellite internet subscriber base, and government contract pipeline. The sudden prominence of an AI revenue segment reflects a broader Wall Street effort to frame the company within the same high-multiple universe as dedicated AI infrastructure plays.

Analysts circulating aggressive AI growth assumptions effectively give institutional buyers a rationale to accept a valuation that pure aerospace metrics would struggle to support. Morningstar has offered a notably more cautious view, recently placing fair value closer to $780 billion — less than half the IPO target price.

The gap between Street projections and independent valuation estimates will likely define the debate as the offering moves toward pricing.

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