BREAKING: Goldman sees xAI driving SpaceX growth story

Goldman Sachs' model behind SpaceX's proposed $1.78 trillion IPO valuation assumes xAI revenue will surge from $3.2 billion in 2025 to $322 billion by 2030, nearly a 100x increase.

The prospectus shows xAI reported a $6.4 billion loss in 2025. Goldman expects revenue to jump 388% year over year to $15.6 billion in 2026.

xAI revenue is projected to reach $34.5 billion in 2027 and continue growing rapidly through the decade.

Goldman also forecasts total SpaceX revenue rising from $18.7 billion in 2025 to $474 billion by 2030, with Starlink generating $144 billion and the rocket business contributing $8.3 billion by 2030.