Goldman Sachs projects SpaceX will spend $360 billion on capital expenditures by 2028, with 80% of that sum directed toward artificial intelligence infrastructure.
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SpaceX faces $360 billion CapEx by 2028 as AI spending surges
Goldman Sachs projects SpaceX will spend $360 billion on capital expenditures by 2028, with 80% of that sum directed toward artificial intelligence infrastructure.
Goldman Sachs told potential investors that SpaceX's capital expenditure will reach $360 billion by 2028, with 80% of the spending allocated to artificial intelligence, according to The Information.
The bank presented the forecast to potential investors, describing SpaceX's evolution from a launch provider into a technology and AI infrastructure company, people familiar with the matter told The Information.
The projection implies SpaceX could burn through $350 billion in cash by 2030 as it scales operations. The $360 billion CapEx figure would place SpaceX's spending above the combined 2024 capital expenditures of Amazon, Microsoft and Google, which totaled about $230 billion.
The forecast positions AI infrastructure spending as a defining investment theme. For investors, the numbers show the scale required to compete in AI — and the concentration of that spending among a small group of companies with the balance sheets to fund it.
The 80% AI allocation suggests SpaceX is building massive computing clusters, likely to support both its Starlink satellite network and potential partnerships with AI companies. Starlink already operates the world's largest satellite constellation, generating data that could feed AI training models.
Tesla, also led by Elon Musk, has invested heavily in AI for autonomous driving, while Musk's xAI startup competes directly with OpenAI and Anthropic. The overlap between these entities raises questions about how AI infrastructure spending is allocated across Musk's companies.
For chipmakers and cloud providers, SpaceX's spending represents both a threat and an opportunity. Nvidia, which dominates the AI chip market with more than 80% share, could benefit if SpaceX purchases its graphics processors. But SpaceX may also develop custom chips, as Amazon and Google have done, reducing reliance on external suppliers.
SpaceX shares trade on secondary markets at valuations exceeding $300 billion, according to data from Forge Global. The Goldman Sachs projection, if realized, would require SpaceX to raise additional capital, potentially through debt or a future initial public offering.
This article is for informational purposes only and does not constitute investment advice.
