Goldman Sachs thinks SpaceX’s AI business will generate $322 billion in annual revenue by 2030. That’s up from $3.2 billion in 2025, a clean 100x jump in five years.

The projection, disclosed on June 4, is part of Goldman’s pitch to potential investors ahead of SpaceX’s anticipated Nasdaq listing in mid-June. Goldman is serving as lead-left bookrunner for the IPO, which carries a targeted valuation of $1.78 trillion.

The numbers behind the narrative

Goldman’s internal projections map out a steep growth curve for SpaceX’s AI division. Revenue is forecast at $15.6 billion in 2026 and $34.5 billion in 2027, before rocketing to $322 billion by the end of the decade.

The AI unit isn’t a side project. It’s being positioned as the primary engine of SpaceX’s overall growth. Total company revenue is projected to climb from $18.7 billion last year to $474 billion by 2030. If the AI numbers hold, that division alone would account for roughly 68% of total revenue by decade’s end.

The thesis rests on SpaceX’s satellite infrastructure. The company’s Starlink constellation, already the largest satellite network in orbit, provides a unique data processing and distribution layer. Goldman’s argument appears to be that this orbital infrastructure positions SpaceX to capture AI workloads that terrestrial cloud providers simply can’t serve, particularly for edge computing, remote data collection, and global-scale inference tasks.

The crypto angle: Bitcoin on the balance sheet and pre-IPO derivatives

SpaceX reportedly holds 18,712 BTC, acquired at approximately $35,000 per token. At current prices, that stash is worth considerably more than the roughly $655 million the company paid for it.

More immediately relevant for crypto traders: cryptocurrency exchanges have launched USDC/USDT-settled perpetual contracts tied to SpaceX under the SPCX ticker. These pre-IPO perpetual contracts let traders gain exposure to SpaceX’s stock price before shares actually begin trading on Nasdaq.

What this means for investors

Goldman has a financial incentive to paint the rosiest possible picture: as lead underwriter, it earns fees proportional to how much capital it raises in the IPO.

SpaceX’s Bitcoin holdings create a direct link between its stock performance and BTC price action. If SpaceX goes public at anything close to its target valuation, the company’s Bitcoin position becomes one of the most high-profile corporate crypto allocations in the public markets.

Goldman’s projections assume that SpaceX can scale its AI revenue by two orders of magnitude in half a decade. The intermediate targets of $15.6 billion in 2026 and $34.5 billion in 2027 will serve as early checkpoints. Prediction markets and derivatives pricing currently suggest strong confidence in SpaceX’s market debut.