Goldman Sachs' internal forecasts, shared with a potential investor, project an exponential rise in revenue for SpaceX's artificial intelligence unit, estimating that the AI segment will generate $322 billion by 2030, up from $3.2 billion in 2025.
The bank's projections also outline substantial growth across SpaceX as a whole. Goldman models total company revenue at $474 billion in 2030, compared with $18.7 billion reported last year.
Goldman's forecasts provide a year-by-year view of the AI division's ramp-up. The bank expects AI-related revenue to increase 388% from 2025 levels to $15.6 billion in 2026 and to reach $34.5 billion in 2027, according to the projections circulated to a prospective investor.
Those internal figures accompany plans from SpaceX to pursue what would be the largest initial public offering on record. The company is aiming to raise $75 billion in an IPO priced to imply a $1.75 trillion valuation, a level that, if achieved, would place the firm among the 10 most valuable U.S.-listed companies at the time of listing.
The forecasts and the proposed capital raise both underline an aggressive growth narrative for the company, premised heavily on the commercial scale-up of its AI activities. At the same time, the projections have not been publicly confirmed by the bank. Goldman Sachs did not immediately respond to a request for comment, and the forecasts could not be independently verified by Reuters.
For investors and market participants, the numbers signal a transformation in SpaceX's revenue mix should the AI business reach the scale projected, and they frame the IPO as a capital event that would be extraordinary in size. The internal forecasts, the proposed IPO size and the valuation target together create a set of expectations that market participants will likely scrutinize as further information becomes available.
Context and next steps:
- Goldman's revenue projections for SpaceX place outsized emphasis on the company’s AI segment as a future revenue engine.
- The proposed $75 billion IPO and $1.75 trillion valuation are central elements of SpaceX's near-term financing plans as presented in the projections.
- Independent confirmation of the forecasts was not available at the time the projections were reported.