Goldman's SpaceX Forecast Looks Wild: A 9,900% Jump In AI Revenue By 2030

As we near the biggest IPO in history, Elon Musk's SpaceX just filed an amended S-1/A filing with the US Securities and Exchange Commission this week, expecting its initial public offering (IPO) at $135 per share, which would value the company at over $1.7 trillion.

The company plans to offer over 555.5 million class A shares, and expects them to be listed on the Nasdaq under the ticker 'SPCX'. After IPO completion, the company will have both class A and class B common shares, where each class A share will entitle the holder to one vote per share, while each class B shares will entitle the holder to 10 votes per share.

The filing highlighted that SpaceX founder and CEO Elon Musk would hold around 82.4% of the voting power of the common stock, and will be able to control the outcome of matters needing shareholder approval. The underwriters will also receive a 30-day overallotment option to buy up to an additional 83.3 million of SpaceX's class A shares.

Global investment banks, including Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, are among the underwriters supporting the offering. However, Goldman Sachs pipped rivals to lead the SpaceX IPO, expected to generate millions of dollars in fees for Wall Street banks.

Massive Predictions to Justify Valuation

Goldman Sachs reportedly believes that SpaceX's revenue could surge 100 times or 9,990% by the end of the current decade. The brokerage expects SpaceX AI unit revenue to rise to $322 billion by 2030 from $3.2 billion in 2025. Meanwhile, total SpaceX revenue is expected to reach $474 billion, comprising $144 billion from Starlink and $8.3 billion from rockets. Last year, SpaceX revenue grew a considerable 33% to $18.7 billion.

According to the brokerage, SpaceX's AI segment growth is linked with aggressive market assumptions despite losses and execution concerns related to xAI. Overall, SpaceX adjusted EBITDA remains on track to reach $352 billion by 2030 from $6.6 billion in 2025.

SpaceX acquired xAI earlier this year in a deal valuing it at $250 billion. The AI unit includes the social media platform X, the Grok assistant, data centres, and a terafab facility that will manufacture semiconductors in partnership with Tesla and Intel.

Goldman Sachs also expects SpaceX's AI unit revenue to jump 388% to $15.6 billion in 2026, surging further to $34.5 billion in 2027, according to the Financial Times. These AI growth predictions would need SpaceX's Grok family of AI models to catch up and surpass frontier AI models from companies like Anthropic, OpenAI, and Google.

However, xAI has been impacted by frequent disruptions, given subpar performance and Musk pushing out all 10 of his co-founders within two years. He even rented out the massive Colossus 1 data centre to Anthropic as the 300-megawatt facility in Memphis, Tennessee, was underutilised as Grok could not gain sufficient traction.

While the rocket company generated negative free cash flow of $13.8 billion in 2025, Goldman Sachs expects it to swing to positive FCF of $72 billion by 2031.

Disclaimer: Our digital media content is for informational purposes only and does not constitute investment advice. Please conduct your own analysis or seek professional advice before investing. Remember, investments are subject to market risks, and past performance does not guarantee future returns.