Goldman Sees SpaceX AI Revenue at $322B by 2030

Goldman Sachs estimates SpaceX’s artificial intelligence division will generate $322 billion in revenue by 2030, up from $3.2 billion projected for 2025. The figures were included in materials shared with potential investors as SpaceX began its IPO roadshow.

The bank also forecasts SpaceX’s total revenue could reach $474 billion by 2030, compared with $18.7 billion expected in 2025. Goldman projects the AI unit will produce $15.6 billion in 2026 and $34.5 billion in 2027 on the path to the 2030 figure.

SpaceX set an IPO price of $135 per share and launched an investor roadshow while seeking to raise about $75 billion at a valuation near $1.8 trillion. The company plans to sell 555.6 million shares, with underwriters holding an option to buy an additional 83.3 million shares. Final pricing is expected June 11, with trading slated to begin on the Nasdaq June 12. Goldman Sachs is the lead underwriter, joined by Morgan Stanley, BofA Securities, Citigroup and JPMorgan.

At a $1.8 trillion valuation, the offering implies a price-to-sales multiple of roughly 93.6 times SpaceX’s projected 2025 revenue. By comparison, the aggregate price-to-sales ratio for the S&P 500 stands near 3.38, while Tesla’s ratio at the end of 2025 was about 16.73.

SpaceX reported a $4.9 billion loss in 2025. Most current revenue comes from Starlink satellite internet subscriptions, commercial rocket launches and contributions tied to the company’s acquisition of xAI. Goldman’s presentation identifies the AI business, including operations related to xAI and the social platform X, as the primary driver of future revenues.

Some analysts have offered lower valuations and flagged uncertainty around the economics of the AI strategy. One research firm estimated a fair value near $780 billion and cited competition from firms such as OpenAI and Anthropic as factors that could affect revenue prospects.

Institutional investors are submitting indications of interest through S&P Global’s Equity Bookbuild platform. Underwriters will use that feedback to gauge demand, set the offer price and allocate shares to buyers ahead of final pricing.

SpaceX’s private valuation rose from about $12 billion in 2015 to $36 billion in 2020 and $125 billion in 2022. The IPO will show how investors weigh expectations for rapid AI revenue growth against the company’s existing spaceflight and satellite businesses.