Since its historic initial public offering (IPO) in June, Elon Musk's Space Exploration Technologies (SPCX -1.74%) has become one of the most closely watched stocks on Wall Street. SpaceX isn't simply a rocket company anymore. Musk is evolving the space exploration business into a more diversified technology platform spanning satellite internet, artificial intelligence (AI), and software.

With so much going on at the company, investors are naturally curious about what SpaceX could look like over the next several years. Let's explore what a $3,000 investment in SpaceX stock could turn into by 2030.

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SpaceX has more going for it than just rockets

SpaceX operates across three business segments: space, connectivity, and AI. The space segment provides launch services for commercial customers and government agencies. While this remains central to SpaceX's identity, it is actually the company's smallest revenue generator.

At the moment, the largest contributor to sales and profits belongs to connectivity, which is primarily driven by Starlink. Starlink provides satellite internet services to consumers and enterprise businesses worldwide.

During the second quarter, Starlink generated $4.3 billion in revenue, an increase of 66% year over year. More importantly, the connectivity segment produced $1.7 billion in operating income, making it SpaceX's only source of consistent profitability.

Starlink's opportunity could be on the verge of becoming much larger. SpaceX is making significant investments in direct-to-cell satellite technology, which could eventually allow ordinary smartphones to connect directly to its satellites.

There's another segment growing even faster than Starlink, and that's what Wall Street is paying close attention to.

SpaceXAI could be a hidden gem

Following its combination with xAI and acquisition of Cursor, SpaceX has built a unique AI ecosystem. The company's SpaceXAI division brings together Grok, AI-powered software development tools, and computing infrastructure.

Grok competes in the intense market for generative AI assistants like ChatGPT and Claude, while Cursor provides SpaceX with exposure to demand for AI coding tools. Meanwhile, SpaceX's AI infrastructure supports the deployment of new models. This vertically integrated approach creates several new revenue opportunities, including subscriptions, enterprise software, and AI capacity services.

During Q2, SpaceX's AI segment generated $2.6 billion in revenue, representing nearly 247% growth year over year. This makes AI SpaceX's fastest-growing business. However, this growth is yet to translate into immediate profitability. SpaceX's AI infrastructure is operating at a loss as the company invests billions of dollars in accelerated computing infrastructure.

What could SpaceX stock be worth by 2030?

SpaceX's market capitalization hovers around $2 trillion. According to Wall Street's consensus estimates, SpaceX could generate $116 billion in revenue next year. Based on its current valuation, that implies a forward price-to-sales (P/S) ratio of roughly 17.

That's a hefty premium given the company's cash burn and uncertainty around the trajectory of the space exploration and AI businesses. Nevertheless, I think Starlink should continue to add millions of subscribers while expanding its relationships with wireless carriers between now and 2030. Meanwhile, SpaceXAI should also benefit from increasing capital expenditures (capex) from AI hyperscalers.

Goldman Sachs and Morgan Stanley forecast SpaceX could generate more than $300 billion in annual revenue by 2030. If that materializes, I think a market capitalization of $5 trillion is a realistic outcome. If SpaceX's valuation expands from $2 trillion today to $5 trillion by December 2030, its market capitalization increases by 150%. This means a $3,000 investment would grow to $7,500.

Although its valuation leaves little room for disappointment, I think a modest investment in SpaceX stock could become a multibagger by 2030. For investors with a long-term time horizon and who can stomach volatility, SpaceX is an intriguing opportunity.