Goldman Sachs sees SpaceX's AI revenue soaring to $322B by 2030: report

SpaceX's artificial intelligence business could become one of the largest revenue generators in the technology industry by the end of the decade, according to projections from Goldman Sachs.

The forecast underscores the high-stakes bet investors are being asked to make ahead of the company's blockbuster initial public offering.

According to forecasts shared with potential investors and reported by the Financial Times, Goldman Sachs expects revenue from SpaceX's AI division to soar to US$322 billion (approx. $415.4 billion) by 2030 from just US$3.2 billion (approx. $4.1 billion) in 2025.

The Wall Street bank also estimated that SpaceX's total revenue could climb to US$474 billion (approx. $611.5 billion) by 2030, compared with US$18.7 billion (approx. $24.1 billion) generated in 2025.

The projections arrive as Elon Musk's company begins its IPO roadshow, seeking to raise US$75 billion (approx. $96.8 billion) at a valuation of US$1.8 trillion (approx. $2.3 trillion), which would immediately place it among the ten most valuable publicly traded companies in the United States.

IPO roadshow gets underway

SpaceX publicly set an IPO price of $135 per share on Wednesday and officially launched its investor roadshow on Thursday.

The company plans to sell 555.6 million shares, with underwriters retaining the option to purchase an additional 83.3 million shares through a standard overallotment mechanism designed to help stabilize trading after the listing.

Pricing is expected on June 11, with trading scheduled to begin on the Nasdaq the following day.

Goldman Sachs is serving as lead underwriter for the deal.

Other major banks participating in the offering include Morgan Stanley, BofA Securities, Citigroup, and JPMorgan.

As the roadshow progresses, institutional investors will submit indications of interest through S&P Global's Equity Bookbuild platform, helping bankers gauge demand before final pricing is determined.

AI forecasts underpin valuation debate

The ambitious revenue forecasts help explain why SpaceX is attempting to justify one of the richest valuations ever assigned to a newly listed company.

At the proposed valuation of US$1.8 trillion (approx. $2.3 trillion), SpaceX would be valued at roughly 93.6 times its 2025 revenue of US$18.7 billion (approx. $24.1 billion).

That compares with an aggregate price-to-sales ratio of 3.38 for the S&P 500, according to FactSet.

Tesla, another company led by Musk, ended 2025 with a price-to-sales ratio of 16.73.

Goldman forecasts revenue at SpaceX's AI segment will jump 388% to US$15.6 billion (approx. $20.1 billion) in 2026 before reaching US$34.5 billion (approx. $44.5 billion) in 2027, according to the Financial Times report.

Such projections suggest investors are being asked to value SpaceX less on its current businesses and more on expectations surrounding its future AI operations.

Investors weigh promise against risks

Despite the excitement surrounding the offering, some analysts remain cautious about the company's prospects.

Morningstar recently estimated SpaceX's fair value at around US$780 billion (approx. $1 trillion), less than half of the IPO valuation being sought by the company.

The research firm argued that prospects for SpaceX's AI operations, which include xAI and social media platform X, remain uncertain given intense competition from rivals such as OpenAI and Anthropic.

Questions also remain about the economics of the AI business and whether Musk can successfully translate technological ambitions into sustainable profits.

SpaceX was unprofitable in 2025, reporting a loss of US$4.9 billion (approx. $6.3 billion).

The company currently derives most of its revenue from Starlink satellite internet subscriptions, rocket launch services, and contributions from its acquisition of xAI earlier this year.

Musk's track record remains central

For many investors, however, the appeal of the offering rests largely on Musk's history of building companies that defied conventional expectations.

Founded in 2002, SpaceX has seen its valuation climb rapidly over the past decade.

The company was valued at US$12 billion (approx. $15.5 billion) in 2015, US$36 billion (approx. $46.4 billion) in 2020 and US$125 billion (approx. $161.3 billion) in its last capital raise in 2022.

Now, investors looking to invest in the company are being asked to back a business that not only aims to dominate commercial spaceflight and satellite communications but also seeks to become a major force in artificial intelligence.

Whether the market embraces the valuation may ultimately depend on how much confidence investors place in Musk's ability to deliver on ambitions that range from AI expansion to colonizing Mars and even deploying data centers in space.

As the IPO roadshow begins, that belief is set to face its biggest test yet.