Wall Street Expects SpaceX to Burn $350 Billion of Cash Through 2030

SpaceX, planning the largest initial public offering of all time next week, will already need to raise more cash by next year if private forecasts from analysts at Goldman Sachs come to fruition.

SpaceX’s lead bank on the IPO, in aggressive forecasts shared with prospective investors this week, expects the company to burn $120 billion this year and next year combined, and another $230 billion through 2030, as it significantly ramps up on capital expenditures, largely for its nascent artificial intelligence business. The forecasts anticipate SpaceX making about $360 billion of capital expenditures through 2028, with about 80% of that spending for AI.