Wall Street Analysts See 100x AI Revenue Growth for SpaceX by 2030

SpaceX's planned $75 billion initial public offering (IPO) is being backed by aggressive Wall Street forecasts that project explosive growth in the company's artificial intelligence (AI) business. Bloomberg reported that analysts are modeling AI revenue growth of around 100 times by 2030, helping support a targeted valuation of roughly $1.8 trillion.

The Elon Musk-led company has begun marketing its IPO at a fixed price of $135 per share. The report also noted that investment banks spent Thursday meeting potential investors and presenting long-term forecasts aimed at supporting the valuation of what could become the biggest IPO in history.

Wall Street Bets on AI

Research analysts at Evercore ISI expect SpaceX's AI division to generate about $755 billion in revenue by 2031, up from roughly $3.2 billion in 2025, Bloomberg reported, citing a person familiar with the forecasts.

Evercore also projects total company revenue to exceed $1 trillion by 2031, compared with $18.7 billion reported in 2025.

Goldman Sachs has outlined similarly ambitious expectations. According to the report, the bank forecasts SpaceX's total revenue to reach about $474 billion by 2030, while AI revenue could climb to nearly $322 billion.

Evercore's projections for 2030 are slightly higher, with overall revenue estimated at about $486 billion and AI revenue at roughly $331 billion.

The forecasts suggest a major shift in SpaceX's business mix. Evercore expects AI to account for about 74% of total revenue by 2031, compared with less than one-fifth currently. At the same time, the contribution from the company's traditional space business could fall to less than 1% of revenue, down from more than 20% in 2025.

Connectivity Business to Expand Rapidly

While AI is expected to dominate future growth, analysts also see strong expansion in SpaceX's connectivity operations, which are largely driven by its satellite internet business.

According to the report, both Goldman Sachs and Evercore expect the segment's revenue to grow from about $11.4 billion in 2025 to more than $140 billion by 2030.

The rocket-launch business is projected to grow at a slower pace, with revenue expected to increase to around $8 billion in 2030 from about $4.1 billion in 2025.

Massive Capex Ahead

The bullish growth forecasts also come with expectations of massive investment spending. Bloomberg reported that analysts expect SpaceX's capital expenditure to exceed $360 billion by 2030, up from more than $20 billion in 2025. Evercore projects that spending could rise further to about $732 billion in 2031, with nearly $666 billion tied to AI-related investments.

Goldman Sachs also expects a period of significant cash burn before profitability improves. The bank forecasts free cash flow could fall to negative $105 billion in 2029 before rebounding to more than $72 billion by 2031.

Goldman Sachs compared SpaceX with a mix of leading technology, AI and space companies, including Nvidia, Tesla, CoreWeave, Palantir Technologies, AST SpaceMobile and Rocket Lab.

Space Exploration Technologies, as the company is formally known, is expected to price its IPO on June 11. The shares are set to trade on Nasdaq and Nasdaq Texas under the ticker symbol SPCX.