Goldman Sachs expects SpaceX’s AI revenue to surge from $3.2 billion in 2025 to $322 billion by 2030, according to forecasts shared with a potential investor and reported by the Financial Times.

The projection comes as SpaceX prepares what could become the largest IPO in US history. The company is seeking to raise $75 billion at a valuation of about $1.75 trillion.

Goldman’s forecast implies that AI would become SpaceX’s largest business within five years. The bank expects SpaceX’s total revenue to rise from $18.7 billion in 2025 to $474 billion by 2030, with AI accounting for most of that growth.

The intermediate targets are also aggressive. Goldman expects AI revenue to rise to $15.6 billion in 2026 and $34.5 billion in 2027 before accelerating sharply toward the end of the decade, according to the FT report.

Starlink is expected to remain a major contributor, with projected revenue of $144 billion by 2030. That would still leave the AI business more than twice as large as SpaceX’s satellite internet division under Goldman’s model.

The forecast shows how bankers are framing SpaceX less as a pure rocket and satellite company and more as an AI infrastructure business. That shift matters because it could support a much higher valuation, but it also raises the execution bar.

The numbers deserve scrutiny. Goldman is a lead underwriter for the IPO, giving the bank a direct role in marketing the deal to investors. 

The core risk is whether SpaceX can scale an AI business from $3.2 billion to $322 billion in five years while competing with hyperscalers and other companies already spending heavily on AI infrastructure.

The broader IPO pitch is also becoming more ambitious. Morgan Stanley separately told investors that SpaceX revenue could reach $3.4 trillion by 2040, largely driven by AI.