Goldman Sachs expects revenue from SpaceX’s AI division to surge to $322 billion by 2030, up from $3.2 billion in 2025, according to the Financial Times, which cited the Wall Street bank’s forecast shared with a prospective investor.
The report said Goldman Sachs projects SpaceX’s total revenue to grow to $474 billion by 2030 from $18.7 billion last year.
The bank forecasts revenue from the company’s AI division will jump 388% year over year to $15.6 billion in 2026, before rising to $34.5 billion in 2027.
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The projections come as SpaceX prepares for what could be a historic initial public offering. Goldman Sachs is serving as the lead underwriter, alongside Morgan Stanley, BofA Securities, Citigroup, and JPMorgan.
Morgan Stanley has been designated as the stabilization agent, responsible for supporting the stock price following the IPO. In total, 23 firms, including Wells Fargo and UBS, are participating as bookrunners.
SpaceX aims to raise $75 billion in the offering, which would make it the largest IPO on record. The company is targeting a valuation of $1.75 trillion, a level that would immediately place it among the 10 most valuable publicly traded U.S. companies.
The company set an IPO price of $135 per share on Wednesday and launched its roadshow on Thursday. Pricing is expected on June 11 with trading on the Nasdaq scheduled to begin the following day.
However, not all analysts share the company’s bullish outlook. Morningstar has estimated SpaceX’s valuation at a significantly lower $780 billion.
Morningstar’s valuation is based on a discounted cash flow analysis that places greater emphasis on the company’s current businesses and assigns more conservative expectations to us future artificial intelligence ambitions. The research firm said investor enthusiasm has pushed private-market valuation significantly above what it considers the company’s fair value.
Morningstar also stated that prospects for the company’s AI business, which includes xAI and social media platform X, were uncertain given unclear economics and competition from OpenAI and Anthropic.
SpaceX is not the only major firm getting ready for an IPO this year. AI giant OpenAI could target a public market debut as early as September, according to reports. Meanwhile, competitor Anthropic has already filed for an IPO.
READ: Anthropic nears $1.5 billion joint venture with Wall Street firms (May 4, 2026)
According to a report by The Guardian, this new wave of IPOs has been widely interpreted as an attempt to generate capital that will fund data centers powering the AI technology. SpaceX plans to develop data centers in space and expects to begin deploying its “orbital compute” infrastructure by 2028. The company also intends to reorganize into three divisions: its rocket-launch business, the Starlink satellite broadband unit, and an AI-focused company that includes X, the social media platform formerly known as Twitter.
Starlink is the only section that is currently profitable. SpaceX lost $4.9 billion in 2025 on revenues of $18.7 billion. However, its revenue seems to be growing.