SpaceX's Artificial Intelligence Division Projected for Significant Revenue Growth by 2030

SpaceX Aims for Historic IPO with Ambitious Valuation Targets

Research analysts across Wall Street are projecting significant growth for Elon Musk's rocket, satellite, and artificial intelligence company, SpaceX, as it prepares for a historic initial public offering (IPO). The company is targeting a valuation of $1.8 trillion, with analysts modeling for its artificial intelligence division to see 100 times revenue growth by the end of the decade.

According to a person familiar with the forecasts, Evercore ISI research analysts expect SpaceX's AI division to deliver $755 billion of sales by 2031, up from $3.2 billion last year. This represents a significant increase in revenue, with the total revenue for the company expected to top $1 trillion by 2031, up from $18.7 billion in 2025. In comparison, Goldman Sachs Group Inc.'s research team sees total revenue hitting $474 billion in 2030, with AI revenue expected to soar to nearly $322 billion that year.

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The Goldman Sachs team also laid out ambitious targets through the end of the decade, with positive free cash flow projected for 2031 of more than $72 billion. In contrast, the company is expected to hit a trough of negative $105 billion in 2029. Evercore ISI's research team projected AI ramping from less than one-fifth of the company's revenue to 74% by 2031, with its space business' revenue falling to 1% of the total, versus more than 20% last year.

Both firms expect SpaceX's connectivity unit, predominantly made up of its satellite internet service, to grow sales to more than $140 billion in 2030 from about $11.4 billion last year. The rocket division is expected to bring in about $8 billion in 2030, roughly doubling from last year's $4.1 billion in sales. The teams also see SpaceX's capital expenditures soaring to more than $360 billion in 2030, up from more than $20 billion last year.

Evercore sees spending nearly doubling to $732 billion in 2031, with roughly $666 billion in spending related to AI, more than 50 times what it spent last year. Goldman Sachs cited the so-called Magnificent Seven, including Nvidia Corp. and Musk's Tesla Inc., as comparable companies alongside space companies like AST SpaceMobile Inc. and Rocket Lab Corp., as well as AI firms CoreWeave Inc. and Nebius Group NV and market darling Palantir Technologies Inc.

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The company, formally known as Space Exploration Technologies Corp., is expected to price its IPO on June 11, with shares trading on the Nasdaq and Nasdaq Texas under the symbol SPCX.