Goldman Sachs President John Waldron used SpaceX’s blockbuster public debut as his exhibit A on June 12, 2026. His argument: the capital markets aren’t just willing to fund AI infrastructure, they’re practically tripping over themselves to do it.
It’s hard to argue with the evidence. SpaceX is targeting a valuation of $1.75 to $1.8 trillion and aims to raise roughly $75 billion in what would be one of the largest IPOs in history. Goldman Sachs is leading the underwriting syndicate, joined by Morgan Stanley and JPMorgan, so Waldron has a front-row seat to the investor frenzy.
The numbers behind the hype
Goldman Sachs has shared some eye-popping revenue projections with potential investors during the IPO roadshow. The bank forecasts SpaceX’s AI revenue will climb from $3.2 billion in 2025 to $322 billion by 2030. That’s not a typo. That’s a nearly 100-fold increase in five years.
The intermediate milestones look equally aggressive: $15.6 billion projected for 2026 and $34.5 billion for 2027. For context, that 2027 figure alone would place SpaceX’s AI business among the largest enterprise software companies on the planet today.
The growth trajectory becomes more understandable, though still staggering, when you factor in SpaceX’s merger with Elon Musk’s xAI back in February 2026. That deal married SpaceX’s orbital infrastructure, including its Starlink satellite constellation, with xAI’s large language models and compute ambitions.
Whether the revenue projections hold up is another question entirely. Goldman Sachs is simultaneously the bank making these forecasts and the lead underwriter collecting fees on the IPO. That’s not inherently problematic, but it’s worth noting that the entity most bullish on the numbers also has the most financial incentive for the deal to succeed.
Goldman’s broader AI bet
Waldron’s comments weren’t just about one IPO. He was making a larger point about capital flows into AI infrastructure as a category.
Goldman Sachs currently leads global league tables with approximately $300 billion in AI-related deal financing year-to-date. That figure encompasses everything from underwriting and advisory work to direct lending for AI buildouts.
What this means for investors
SpaceX’s IPO, debuting on Nasdaq under the ticker SPCX, will likely function as a sentiment barometer for the entire AI infrastructure sector. If it prices at the top of its range and trades up from there, expect a cascade of follow-on offerings from AI-adjacent companies looking to tap the same investor enthusiasm. If it stumbles, that $300 billion pipeline of AI deals Goldman is sitting on could slow down considerably.
At $1.75 to $1.8 trillion, SpaceX would enter public markets roughly on par with the current market caps of the largest tech companies in the world. Investors buying at these levels are betting that orbital AI infrastructure becomes as essential as cloud computing, not in a decade, but within the next few years.