SpaceX Stock Declines Gather Momentum
Goldman Sachs, the lead for the public offering, justified the $150 IPO price based on the assumption that SpaceX 2025 revenues of $18.67 billion would grow to $474 billion in 2030, including the AI division, which generated $3 billion in 2025, growing to $322 billion in 2030. Given that most of of the AI division's data center space has been leased to third parties in the last several months, this may be a bit generous. 🙃 The entire Goldman Sachs forecast was grounded in the premise that SpaceX will dominate the AI space. Yet its own employees don't use its trademark Grok product and the AI division's subscription growth is 24% per annum with total 2025 revenues of $3 billion. In contrast, OpenAI's revenues for the same year were $25 billion with a 233% annual growth rate.