Research analysts across Wall Street are modeling SpaceX’s artificial intelligence division to grow revenue roughly 100 times by the end of the decade, underpinning a targeted $1.8 trillion valuation.
Goldman Sachs Group Inc. (NYSE: GS) analysts project SpaceX’s total revenue reaching $474 billion in 2030, with AI revenue alone soaring to nearly $322 billion that year.
Evercore ISI’s research team is even more bullish, forecasting total 2030 revenue of $486 billion and AI revenue of $331 billion, according to people familiar with the forecasts.
Evercore ISI also projects that by 2031, AI will represent 74% of SpaceX’s total revenue, up from less than one-fifth currently, while the space business will shrink to just 1% of total revenue.
SpaceX posted $18.7 billion in total revenue in 2025, making the scale of these projections all the more striking, with Evercore ISI expecting that figure to surpass $1 trillion by 2031.
Evercore ISI’s AI division estimate for 2031 stands at $755 billion in sales, compared to just $3.2 billion last year, representing one of the most aggressive growth forecasts on Wall Street.
Goldman Sachs penciled in positive free cash flow of more than $72 billion for 2031, following a projected trough of negative $105 billion in 2029.
Capital expenditure projections are equally staggering, with both firms expecting SpaceX’s spending to exceed $360 billion in 2030, rising from more than $20 billion last year.
Evercore ISI sees capital expenditures nearly doubling again to $732 billion in 2031, with roughly $666 billion of that tied to AI investment, representing more than 50 times last year’s AI-related spending.
The connectivity unit, predominantly consisting of the Starlink satellite internet service, is forecast by both firms to grow sales from approximately $11.4 billion last year to more than $140 billion by 2030.
SpaceX’s rocket division is expected to roughly double from $4.1 billion in 2025 to approximately $8 billion in 2030, the smallest of the company’s major revenue segments.
Wall Street firms spent Thursday morning pitching the terms of the listing to prospective buyers as Space Exploration Technologies Corp. kicked off marketing for its $75 billion initial public offering at a fixed price of $135 per share.
The offering is set to be the largest IPO in history, with shares expected to price on June 11 and trade on the Nasdaq and Nasdaq Texas under the ticker symbol SPCX.
Goldman Sachs cited the so-called Magnificent Seven, including Nvidia Corp. and Elon Musk’s Tesla Inc., as comparable companies alongside AST SpaceMobile Inc., Rocket Lab Corp., CoreWeave Inc., Nebius Group NV, and Palantir Technologies Inc.
Representatives for Goldman Sachs and Evercore ISI declined to comment, and a spokesperson for SpaceX did not immediately respond to a request for comment.
