SpaceX's AI revenue can grow 100x by 2030, Wall Street analysts project to justify valuation

Wall Street research analysts are pulling out all stops to justify the $1.75 trillion valuation tag that comes along with the mega SpaceX IPO. They are now projecting that the Elon Musk-led company's AI division could see revenue growth of over 100x by just the end of the decade.

What Are Wall Street Analysts Saying On The SpaceX IPO?

According to analysts at Evercore, SpaceX's AI division could see sales of $755 billion by 2031. In 2025, the division had reported sales of $3.2 billion, Bloomberg reported citing sources with knowledge of the forecast.

On a consolidated basis, SpaceX could report revenue of $1 trillion that year, having posted a topline of $18.7 billion in 2025, the source added.

SpaceX began the marketing process for its $75 billion IPO, the biggest of all time, having fixed a price of $135 per share.

What Did Goldman Sachs Say On SpaceX?

Compared to Evercore, Goldman Sachs believes SpaceX's total revenue could surge to $474 billion by 2030, with AI surging nearly 100x to $322 billion that year, according to sources. Evercore's estimates for 2030 are $486 million in overall topline, and $331 billion for the AI division.

Goldman Sachs expects SpaceX's operating cash flow to plunge to a negative $105 billion in 2029, only to see a sharp rebound by 2031, by reporting a positive $72 billion figure, the sources added.

Evercore expects the AI business to contribute to more than 74% of SpaceX's topline by 2031, while the Space business contribution could fall to less than 1%, compared to more than 20% last year.

How Much Capex Will SpaceX Do?

Both Evercore and Goldman Sachs see SpaceX's capex soaring to $360 billion by 2030, up from just $20 billion last year. That figure could even double to $732 billion in 2031, with nearly $666 billion marked for AI spending, more than 50x of what was spent last year.

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

(With Inputs From Agencies)