• SpaceX is aiming for a $1.77 trillion valuation in what would be the largest U.S. IPO ever, with a fixed price of $135 per share.
  • Goldman Sachs projects AI-related revenue could skyrocket, supporting the lofty valuation, while total revenue is forecast to exceed $400 billion by 2030.
  • The IPO hinges on closing deals for EchoStar spectrum assets and Cursor acquisition, with enterprise AI positioned as the primary growth engine.

A Bet on AI's Trillion-Dollar Future

SpaceX is making a historic bet on artificial intelligence. The company, known for its rockets and Starlink satellite network, is targeting a $1.77 trillion valuation in its upcoming IPO, according to people familiar with the matter. The price, set at $135 per share, would make it the largest U.S. listing ever, surpassing previous records.

The valuation is driven almost entirely by AI. Morgan Stanley projects SpaceX revenue could soar to $3.4 trillion by 2040, with the bulk coming from enterprise AI services. Goldman Sachs, one of the lead banks on the deal, is modeling AI revenue in the hundreds of billions by 2030, alongside total revenue of $474 billion in some scenarios.

"This is a bet on the convergence of space infrastructure and AI compute," said a source close to the roadshow. "SpaceX is positioning itself as the operating system for AI at scale."

Revenue Mix Shifts Toward AI

SpaceX generated $18.7 billion in revenue in 2025, with Starlink, launch services, and a nascent AI business contributing. But the IPO narrative focuses on a dramatic shift. The company plans to raise about $75 billion, partly to fund AI infrastructure, including its Colossus supercomputer and related data centers.

The roadshow materials emphasize that AI will become the dominant revenue driver, eclipsing Starlink and rockets within a few years. "We see a path to $1 trillion in AI revenue alone by the early 2030s," a banker involved in the deal said.

Deals and Governance

The IPO is contingent on closing two related transactions: the acquisition of EchoStar spectrum assets and a deal with AI startup Cursor. Both are seen as critical to SpaceX's AI strategy. EchoStar spectrum would provide wireless capacity for AI services, while Cursor would bolster the company's software capabilities.

Elon Musk will retain control through a multi-class voting structure, a point of contention for some institutional investors. "Governance remains a risk," one analyst noted, "but the growth story is compelling enough that many are looking past it."

Market Implications

If successful, SpaceX's IPO would reshape market dynamics, drawing comparisons to other high-growth AI plays. However, the high valuation hinges on execution. "The projections are aggressive," said a fund manager attending the roadshow. "But SpaceX has a track record of delivering on ambitious goals."

The company declined to comment on the IPO process. The deal is expected to price in the coming weeks, pending regulatory clearance.

Correction: An earlier version of this article misstated the projected revenue for 2030. Goldman Sachs models total revenue of $474 billion in a bull case, not $400 billion as previously stated.