Goldman Sachs told the Financial Times it models a core assumption behind SpaceX’s roughly $1.78 trillion IPO valuation: xAI revenue rising from $3.2 bln in 2025 to $322 bln by 2030 (~100x), while total SpaceX revenue would climb from $18.7 bln to $4

2026-06-04

Goldman Sachs told the Financial Times it models a core assumption behind SpaceX’s roughly $1.78 trillion IPO valuation: xAI revenue rising from $3.2 bln in 2025 to $322 bln by 2030 (~100x), while total SpaceX revenue would climb from $18.7 bln to $474 bln over the same period. The prospectus shows xAI posted a $6.4 bln loss in 2025. Goldman projects xAI revenue will rise 388% YoY to $15.6 bln in 2026 and reach $34.5 bln in 2027; Starlink and rocket business revenue are forecast at $144 bln and $8.3 bln by 2030.