Today, most of SpaceX’s (SPCX) business comes from rockets and Starlink. But a new projection from research firm SemiAnalysis says that the picture will flip completely within two years. SemiAnalysis estimates that SpaceX could reach a $305 billion annual revenue run rate (ARR) by the end of 2027, with $235 billion of that coming from AI compute alone.
While SpaceX’s AI business is growing rapidly, it still accounts for a small percentage of total revenue. This projection suggests it could make up more than three-quarters of the company’s revenue in less than two years. As I recently covered, SpaceX is turning into an AI company. This latest projection shows just how far that shift could go.