Goldman Sachs Projects SpaceX AI Division to Reach $322B Revenue by 2030

SpaceX is positioning itself as a major player in AI infrastructure following its all-stock acquisition of xAI in February 2026. Goldman Sachs projects that the company's AI division will generate $322 billion in revenue by 2030, accounting for 68% of SpaceX's total projected revenue of $474 billion.

The AI segment reported $3.2 billion in revenue for 2025. Goldman Sachs expects this to reach $15.6 billion in 2026 and $34.5 billion in 2027 before accelerating toward the end of the decade. The growth strategy relies on a planned constellation of AI-optimized satellites, with the company filing plans in January 2026 for up to 1 million satellites and a dedicated manufacturing facility. Launches are targeted to begin in 2028, with the goal of delivering 100 gigawatts of solar-powered computing capacity by 2030.

SpaceX has secured significant contracts to support this expansion. Anthropic has signed a deal worth $1.25 billion per month, while Google has committed to $920 million monthly. These two agreements represent over $26 billion in annualized revenue. Meanwhile, the Starlink division is projected to generate $144 billion by 2030, while the core rocket business is expected to contribute $8.3 billion.

SpaceX listed on the Nasdaq in mid-June 2026 with a valuation between $1.75 trillion and $2 trillion, with Goldman Sachs acting as the lead underwriter. Elon Musk maintains majority voting control. At the time of the xAI acquisition in February 2026, the combined entity was valued at approximately $1.25 trillion.

Market sentiment remains divided regarding these projections. Morningstar has estimated the company's valuation at $780 billion, citing competition from firms such as OpenAI, Anthropic, Google, Microsoft, and Amazon. Critics note that the projected 100x revenue growth assumes successful satellite manufacturing, consistent launch schedules, and sustained demand for orbital processing power.

The reliance on large monthly contracts also introduces risks related to customer concentration. If the agreements with Anthropic or Google were to be terminated or renegotiated, the impact on revenue would be immediate.