Goldman Sachs: SpaceX AI Revenue Expected to Grow 100x by 2030

June 4 — Goldman Sachs is projecting SpaceX’s AI division will deliver a 100x revenue surge between 2025 and 2030, a core assumption underpinning the aerospace giant’s $1.78 trillion IPO valuation, per a new report from The Financial Times. In a forecast shared with potential IPO investors, Goldman expects SpaceX’s AI arm to generate $3.2 billion in 2025, jumping to $322 billion by 2030. The firm also forecasts SpaceX’s overall revenue will balloon from $18.7 billion last year to $474 billion by the end of the decade. SpaceX is currently in the thick of its IPO roadshow, with the offering potentially raising up to $860 billion, according to the report. SpaceX’s prospectus reveals its AI subsidiary, xAI, posted a $6.4 billion loss in 2025. But the total addressable market (TAM) for xAI is a massive $26.5 trillion—far exceeding the combined potential market of Starlink’s internet services and SpaceX’s core space business, which adds up to roughly $2 trillion, Goldman notes. The bank also projects xAI’s revenue will skyrocket 388% year-over-year in 2026 to hit $15.6 billion, followed by a $34.5 billion haul in 2027. For context, Goldman forecasts Starlink will bring in $144 billion in revenue by 2030, while SpaceX’s rocket business is expected to generate $8.3 billion that same year. For these AI growth projections to materialize, Elon Musk’s Grok series of models will need to catch up to—and eventually outpace—leading AI labs like Anthropic, Google, and OpenAI in key areas including coding, cybersecurity, AI agents, and chatbots.