Goldman Sachs projects SpaceX’s AI division will grow from $3.2 billion in 2025 to $322 billion by 2030. That would make the AI line alone larger than the current revenue of most Fortune 50 companies.
The figures, first reported by the Financial Times, come as part of Goldman’s investor pitch for what’s expected to be one of the largest IPOs in US history.
Goldman is the lead underwriter for SpaceX’s public listing, so the bank has a financial incentive to paint an optimistic picture. But the numbers are still striking.
SpaceX pulled in $18.7 billion in total revenue in 2025. Goldman expects that to hit $474 billion by 2030. The AI division is the main driver. Starlink is projected to contribute $144 billion by 2030. That leaves SpaceX’s launch services and other operations at roughly $8 billion.
Skeptics question whether any company can scale an AI business from $3.2 billion to $322 billion in five years. SpaceX also faces stiff competition from hyperscalers like Amazon, Google, and Microsoft.
For investors, the Goldman projections will anchor valuation conversations ahead of the IPO. If SpaceX prices based on a $322 billion AI revenue trajectory that doesn't materialize, early investors could face significant downside.