As SpaceX prepares for its historic Nasdaq debut next week, two major financial institutions have issued eye-catching forecasts that extend far beyond the usual IPO hype. ARK Invest claims the satellite internet division Starlink alone justifies a near $2.0 trillion valuation, while Goldman Sachs projects SpaceX’s artificial intelligence revenue could soar to $322 billion by 2030.
ARK’s chief futurist Brett Winton, speaking on CNBC, presented hard numbers to back the thesis: Starlink now delivers about 500 terabits per second of bandwidth and generates nearly $14 billion in annual revenue. With the fully reusable Starship rocket, each launch could add 60 terabits per second, meaning ten launches could double the existing capacity in space. Starlink has already surpassed 10 million active subscribers globally, with sales expected to exceed $20 billion this year. ARK’s open-source model yields an expected enterprise value of roughly $2.5 trillion by 2030, with a bull case of $3.1 trillion and a bear case of $1.7 trillion. Winton emphasized that SpaceX’s merger with xAI puts it inside the vast opportunity of foundational AI, which could collectively generate up to $20 trillion in enterprise value by decade’s end.
Meanwhile, Goldman Sachs, acting as lead underwriter for the IPO, shared its own projections with potential investors. According to Financial Times reports, the bank sees SpaceX’s AI segment revenue catapulting from $3.2 billion in 2025 to $322 billion by 2030—a 100-fold increase. Total revenue is forecast to climb from $18.7 billion in 2025 to $474 billion in 2030. The company launched its roadshow on Thursday after setting an IPO price of $135 per share, seeking to raise $75 billion at a valuation of $1.8 trillion. While the AI outlook is central to the valuation debate, some analysts remain cautious; Morningstar estimated fair value at around $780 billion, highlighting uncertainties in the competitive AI landscape and SpaceX’s $4.9 billion loss in 2025. The offering is expected to price on June 11 and begin trading on June 12 on the Nasdaq, testing investor faith in Elon Musk’s ability to merge space dominance with artificial intelligence.
