Goldman Sachs Just Predicted SpaceX's AI Revenue Will Be This Number By 2030

SpaceX has officially kicked off its road show, in which it will market its colossal initial public offering to prospective institutional investors.

Media outlets have reported that SpaceX is officially planning to raise $75 billion. Underwriters will have the option to purchase an additional $11.2 billion in shares, with a target valuation of $1.77 trillion.

To pitch the largest IPO ever, investment bankers at Goldman Sachs are reportedly throwing out some pretty enormous growth projections for the company’s artificial intelligence unit, according to a report from the Financial Times.

Goldman believes SpaceX’s AI division will be generating this much revenue by 2030.

SpaceX’s AI Revenue Will Blast Into Orbit

Speaking with potential anonymous SpaceX investors, the Financial Times reported that Goldman is projecting that SpaceX’s AI division will grow revenue from $3.2 billion in 2025 to an eye-popping $322 billion in 2030, a 100-fold increase.

SpaceX acquired the AI division, formerly known as xAI, earlier this year in a deal valuing it at $250 billion. SpaceX Founder Elon Musk also founded xAI.

Image source: The Motley Fool.

The AI unit includes the social media platform X, the Grok AI intelligence assistant, data centers, and a planned terafab facility that will make various semiconductors in partnership with Tesla and Intel.

Bullish investors believe SpaceX can one day achieve sovereign AI, in which it has control over the entire AI stack from intelligence to the chips to the data centers.

However, once SpaceX dropped its registration statement, it became abundantly clear that the AI division is the biggest drag on the business right now.

All of these infrastructure ambitions are expensive and require significant capital investment. The AI unit had over $20 billion of capital expenditures in 2025 and the first quarter of 2026.

The division also lost $6.4 billion in 2025.

SpaceX has grand ambitions for the AI unit. The company believes the division has a total addressable market of $26.5 trillion, which is roughly $4 trillion below U.S. gross domestic product (GDP) in fiscal year 2025.

The massive valuation demands massive assumptions

Aside from the AI division, The Financial Times also reported that Goldman is telling potential investors SpaceX can grow total revenue from $18.7 billion last year to $474 billion by 2030.

SpaceX’s low-Earth-orbit satellite internet service, Starlink, is expected to generate $144 billion in 2030, while the rocket division has a much smaller runway with a projected $8.3 billion in revenue by 2030.

It’s hard to understand where these jaw-dropping projections are coming from, but to demand a $1.77 trillion valuation and be the largest IPO ever, you’ve got to convince investors there is incredible growth ahead.

SpaceX grew total revenue by only 33% in 2025, so the company will have to kick into high gear.

It’s hard to imagine the AI business growing 100-fold by 2030. The Financial Times estimates that Grok would need to surpass the reach of large language models (LLMs) like OpenAI, Anthropic, and Google.

Earlier this year, Reuters reported that Grok had gained 17.8% of U.S. market share in January, up from just 1.9% one year prior, citing Apptopia data.

However, the data only looked at Grok, ChatGPT, and Google Gemini.

Another report published by the digital strategy consulting firm Momentic Marketing, citing data from Similarweb, a web analytics platform, showed that Grok accounted for only 3.6% of all U.S. AI chatbot web visits in April.

The analysis included ChatGPT, Gemini, Claude, Microsoft Copilot, Perplexity, and DeepSeek.

Given Grok’s valuation when SpaceX acquired it earlier this year, Claude, ChatGPT, and Gemini seem far ahead of it.

The data centers and terafab could become a significant source of revenue, but Goldman’s projections still seem incredibly lofty.

The lure of Musk and hype around SpaceX may get investors interested in the IPO anyway. But typically, investors aren’t so prone to give companies or investment bankers the benefit of the doubt on huge revenue growth projections like the ones Goldman is reportedly presenting.

Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group and Microsoft. The Motley Fool has a disclosure policy.