Goldman Sachs President John Waldron is making a straightforward argument: if you want to understand where investor money is headed, look at SpaceX’s IPO. The offering, which Goldman is leading as top underwriter, carries a valuation of roughly $1.77 trillion and aims to raise around $74 billion.

Priced at $135 per share, SpaceX is set to trade on Nasdaq under the ticker SPCX after filing for its IPO in June 2026. Goldman Sachs is positioning the deal as more than just a rocket company going public. It’s a referendum on how much investors believe in AI infrastructure.

Goldman’s blockbuster year in underwriting

Goldman Sachs has reportedly amassed nearly $300 billion in lead underwriting or placement volumes for the year, an unprecedented figure that puts the firm at the top of the league table by a comfortable margin.

A meaningful chunk of that activity is tied to companies building the physical and digital backbone for artificial intelligence. Think data centers, satellite networks, computational resources, and the connectivity layers that stitch them together.

Goldman’s own projections illustrate the scale of the bet. The bank forecasts SpaceX’s AI-related revenue could grow from an estimated $3.2 billion in 2025 to $322 billion by 2030. That’s a 100-fold increase in five years.

Why AI infrastructure is the new gold rush

Goldman Sachs has noted significant investor interest in comparable mega-IPO candidates like OpenAI and Anthropic, both of which sit at the intersection of AI development and the infrastructure needed to scale it.

A $1.77 trillion valuation would make SpaceX one of the most valuable companies on the planet at the time of its public debut. SpaceX is getting that price tag largely on the promise that Starlink becomes indispensable plumbing for the AI economy. The $74 billion raise, if it materializes at that scale, would dwarf most IPOs in history.