SpaceX revenue could triple by 2027 on Starlink, Starship, AI

SpaceX could more than triple its revenue over the next two years, driven by Starlink's consumer growth, Starship's launch contracts, and AI infrastructure demand, according to Matt Kennedy, senior IPO market strategist at Renaissance Capital.

The projection supports a valuation of roughly $1.75 trillion, Kennedy said. That figure would put SpaceX among the most valuable companies globally, ahead of all but a handful of publicly traded tech giants.

Starlink is the near-term driver. The satellite internet business now serves more than 4 million subscribers across 100-plus countries, and its revenue run rate has been climbing as SpaceX expands into maritime, aviation, and enterprise connectivity. Kennedy pointed to Starlink's recurring revenue base as the most predictable piece of the growth story.

Starship adds a longer-duration catalyst. The fully reusable rocket, still in testing, has already secured launch contracts from NASA and commercial satellite operators. If Starship reaches operational cadence – Kennedy's assumption – it would open a market for heavy-lift launches that currently does not exist at scale.

AI infrastructure is the third leg. SpaceX's launch capacity is becoming a bottleneck for the satellite constellations that underpin low-latency data networks. As cloud providers and defense contractors build out space-based compute and communications, SpaceX stands to capture a share of that spending through launch services and Starlink's terminal ecosystem.