SpaceX Revenue Forecast Tops $3 Trillion
Elon Musk’s SpaceX is presenting investors with one of the most ambitious growth stories in corporate history.
As the company launched its IPO roadshow on June 4, Morgan Stanley told prospective investors that SpaceX could generate $3.4 trillion in annual revenue by 2040, according to figures reported by The Wall Street Journal. The projections are part of the company’s effort to support a targeted valuation of roughly $1.77 trillion ahead of what could become the largest initial public offering ever.
The forecasts highlight how Wall Street increasingly views SpaceX not only as a rocket-launch and satellite operator, but as a future artificial intelligence powerhouse.
AI Drives the Bull Case
Morgan Stanley’s projections are heavily dependent on rapid growth in SpaceX’s AI business.
The bank estimates the AI division could generate about $190 billion in annual revenue by 2030, helping push total company revenue to roughly $330 billion that year. By 2040, Morgan Stanley believes revenue could reach $3.4 trillion, while adjusted EBITDA could exceed $2.7 trillion.
SpaceX’s AI operations remain relatively small today. According to financial figures shared during the IPO process, the company generated approximately $3.2 billion in AI-related revenue in 2025, part of total revenue of $18.67 billion, up from $14.02 billion in 2024.
Despite that growth, SpaceX reported a net loss of $4.94 billion in 2025, compared with a profit of $791 million a year earlier.
Goldman Sachs, another lead underwriter on the IPO, has also projected aggressive growth for the AI segment, estimating it could generate roughly $322 billion in annual revenue by 2030.
Biggest IPO in History
SpaceX is seeking to raise approximately $75 billion through its public offering, which would surpass every previous U.S. IPO by deal size. The company is targeting a valuation of about $1.77 trillion and plans to list under the ticker symbol SPCX.
Investor demand appears strong. Reuters reported that the offering has already attracted roughly $150 billion in indications of interest, making it about twice oversubscribed during the early stages of the roadshow.
Morgan Stanley and Goldman Sachs broadly agree on SpaceX’s near-term trajectory, both forecasting revenue of roughly $160 billion by 2028. Their projections diverge more significantly beyond that point, reflecting differing assumptions about the future size of the company’s AI business.
What Investors Are Being Asked to Believe
SpaceX today generates most of its revenue from launch services, Starlink satellite internet operations and emerging AI-related businesses. Morgan Stanley’s forecast assumes those businesses expand dramatically over the next 15 years, particularly AI, which the bank sees becoming one of the company’s largest revenue drivers.
Whether SpaceX ultimately reaches the revenue levels envisioned by its bankers remains uncertain. What is clear is that the IPO is being marketed not as a traditional aerospace company, but as a technology and AI platform with ambitions that extend far beyond rockets and satellites.
