Goldman sees SpaceX AI revenue soaring to $322 billion by 2030

Goldman Sachs is backing one of the most aggressive AI forecasts in public-market history, projecting that SpaceX’s AI division will jump from $3.2 billion in revenue in 2025 to $322 billion by 2030. That single line does more than flatter the story around SpaceX. It helps lift Goldman’s own overall revenue forecast for the company to $474 billion in 2030, up from $18.7 billion in 2025, and it places the bank’s name behind a number that will be dissected by clients, rivals and skeptics alike.

The projection matters because Goldman is not making a casual industry call. It is leading SpaceX’s planned all-primary IPO, which is targeting a $1.75 trillion valuation and at least $75 billion in proceeds. In other words, the bank is helping frame how investors should think about a deal that could rank among the largest offerings ever, while also explaining why the company deserves a trillion-plus price tag before it has even come public.

SpaceX’s revenue mix in Goldman’s model shows how much the pitch has shifted beyond rockets. The bank sees Starlink bringing in $144 billion by 2030 and rocket services contributing $8.3 billion, but the AI business is the engine that makes the whole forecast feel explosive. That is a striking setup for Goldman’s bankers: the firm is effectively asking investors to treat a loss-making AI arm as a central pillar of a future giant, not a side bet.

For Goldman employees, the reputational stakes are obvious. A bold forecast can sharpen internal prestige and give deal teams a powerful narrative in the market, but it also raises the bar for scrutiny if the underlying assumptions look too aggressive. When the same firm is leading the IPO, the line between research, banking and story-building gets thin fast. Clients will remember who put the number on paper if the valuation becomes controversial.

The offering also appears built to preserve Elon Musk’s control. One filing-based account said he would keep more than 82% voting power after the sale, even as SpaceX moves toward a likely Nasdaq debut next month. That combination, a founder still firmly in charge and a public market debut priced off an extraordinary AI leap, makes the deal as much a governance test as a growth story.

For Goldman, the real question is not just whether SpaceX can grow into the forecast. It is whether the bank is comfortable putting its brand behind a vision this large, and how that choice will land with clients who know the difference between underwriting a company and underwriting a narrative.