Goldman Sachs forecasts SpaceX's AI revenue to surge 100-fold by 2030

Goldman Sachs expects SpaceX's AI revenue to jump from $3.2 billion in 2025 to $322 billion by 2030, per forecasts shared with a potential investor and reported by the Financial Times.

The projection lands as SpaceX prepares what could become the largest IPO in US history. The company is reportedly seeking to raise $75 billion at a valuation near $1.75 trillion. Under Goldman's model, AI would overtake everything else inside five years. Total revenue is projected to climb from $18.7 billion in 2025 to $474 billion by 2030, with AI doing most of the heavy lifting.

The intermediate targets are aggressive, too. Goldman sees AI revenue rising to $15.6 billion in 2026 and $34.5 billion in 2027 before accelerating sharply into the back half of the decade, according to the FT report. Starlink remains a major contributor, with projected revenue of $144 billion by 2030.

Even at that scale, the AI business would still come in more than twice as large as SpaceX's satellite internet arm under the model. The forecast shows how bankers are repositioning SpaceX — less a pure rocket and satellite operator, more an AI infrastructure play. That framing matters: it can support a richer valuation, but it also raises the execution bar considerably.

The numbers deserve scrutiny. Goldman is a lead underwriter on the IPO, meaning the bank has a direct financial incentive to market the deal enthusiastically. The core question is whether SpaceX can realistically scale an AI business from $3.2 billion to $322 billion in five years while competing with hyperscalers already spending aggressively on infrastructure.

The broader IPO pitch is also getting more ambitious. Morgan Stanley separately told investors that SpaceX revenue could reach $3.4 trillion by 2040, again driven primarily by AI.