Grand client roadshows and unanimous bullish research reports—Wall Street goes "all out" to hype up SpaceX's IPO.

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Wall Street is backing the largest IPO in SpaceX history with unprecedented scale and enthusiasm.

This Thursday, Bank of America, JPMorgan Chase, and Morgan Stanley successively hosted grand investor roadshows. SpaceX President Gwynne Shotwell and CFO Bret Johnsen shuttled non-stop among major investment banks, personally pitching the deal to thousands of wealthy investors.

Meanwhile, research teams at Goldman Sachs and Evercore ISI released highly bullish forecast reports, predicting SpaceX’s AI division revenue will grow about 100-fold by around 2030, supporting the company’s target valuation of approximately $1.8 trillion. SpaceX has set its IPO price at $135 per share, aiming to raise approximately $74.4 billion, with formal pricing expected on June 11th. The company will be listed on Nasdaq under the ticker "SPCX".

The sheer size of the IPO and the enthusiasm from all sides have shocked Wall Street. According to The New York Times, 23 banks and brokers are involved in selling this IPO, and underwriting fees alone are expected to exceed $500 million. Analysts point out that major investment banks not only need to ensure SpaceX’s IPO is a smash hit, but also need to pave the way and build confidence for the giant upcoming IPOs of OpenAI and Anthropic.

Investment bank executives go all out for roadshows, scenes rival a "launch party"

According to Reuters, Bank of America was the first to hold a special event for wealth management clients in its Midtown Manhattan headquarters lobby, decorated with SpaceX rockets and related images. The bank’s co-president Jim DeMare will host the event personally, conversing with Shotwell and Johnsen. Bank of America also plans to light up the spire atop its building at night to simulate a rocket launch visual effect. Its private bank and Merrill Lynch have invited over 5,000 clients to join the "launch party", with livestreams to offices nationwide.

JPMorgan Chase hosted an even larger event at its newly completed copper-hued headquarters. According to The New York Times, CEO Jamie Dimon appeared in person to support investors, with asset and wealth management head Mary C. Erdoes also on stage. Videos of SpaceX rocket launches played on giant screens at the venue, and "Go for Launch" was projected onto the lobby wall several stories high. The event was expected to draw over 2,500 clients onsite and broadcast live to 90 branches in 26 states—a scale unmatched in JPMorgan's history.

Morgan Stanley plans a wealth management client-exclusive event next Monday, with SpaceX executives joining IPO lead banker Kate Claassen and wealth management chief Jed Finn. Goldman Sachs did not host a similar client event but reportedly displayed SpaceX rocket models in two lobbies at its lower Manhattan headquarters to show support for the IPO.

AI revenue estimated to soar 100x, supporting trillion-dollar valuation logic

Wall Street is also showing unanimous optimism about SpaceX’s future. Goldman Sachs predicts SpaceX’s total revenue will reach $474 billion in 2030, with AI division revenue skyrocketing from $3.2 billion in 2025 to about $322 billion—a 100-fold increase. Goldman also projects the company’s adjusted EBITDA will jump from $6.6 billion in 2025 to $352 billion in 2030 and expects positive free cash flow of over $72 billion by 2031—compared to negative $13.8 billion in 2025.

Evercore ISI’s forecasts are equally aggressive. The firm expects SpaceX’s AI division to reach $755 billion in revenue by 2031, with total revenue breaking the $1 trillion mark. Evercore also predicts the AI business will leap from less than one-fifth of total revenue currently to 74% in 2031, while the rocket division’s share will fall from over 20% currently to about 1%.

Both institutions expect revenue from the connectivity business led by Starlink satellite internet to grow from about $11.4 billion last year to over $140 billion in 2030; rocket division revenue is expected to grow from $4.1 billion last year to about $8 billion in 2030, at a relatively moderate pace.

High-growth assumptions face real-world challenges

Although forecasts are encouraging, some assumptions are controversial. AI growth projections depend on SpaceX’s Grok series models catching up with and overtaking more advanced competitors like Anthropic, Google, and OpenAI in programming, cybersecurity, AI agents, and chatbot sectors.

The reality is SpaceX’s AI division, formerly xAI, faces significant challenges: Musk ousted all ten co-founders within two years, leading to internal turmoil; Grok’s market performance has lagged, and subscriber numbers—both consumer and business—are far below what is needed to support high revenue. The Colossus 1 data center in Memphis, Tennessee, with 300 MW capacity, was even left idle due to Grok’s weak market acceptance, forcing Musk to lease parts of it to competitor Anthropic.

SpaceX also did not disclose historical quarterly financials in its IPO filings as is customary. Matt Kennedy, senior IPO strategist at Renaissance Capital, noted the lack of quarterly detail means investors should view the company primarily from a long-term perspective. Goldman Sachs’ valuation model sets the AI business’ market size at $26.5 trillion—far exceeding the roughly $2 trillion Starlink and space business markets—an assumption that is itself quite bold.

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