Morgan Stanley Projects SpaceX Revenue to Reach $3.4 Trillion by 2040
Morgan Stanley has projected that SpaceX’s annual revenue could surge to $3.4 trillion by 2040, according to a report cited by the Wall Street Journal. This forecast, shared with investors during SpaceX’s IPO roadshow, highlights the rocket and satellite company’s potential to dominate the aerospace and technology sectors in the coming decades.
Key Revenue Expectations
The investment bank anticipates that SpaceX’s AI business will play a pivotal role in this growth. Morgan Stanley estimates that revenue from SpaceX’s AI division could reach $190 billion in 2030, with total revenue nearing $330 billion that year. By 2040, the company’s overall revenue is expected to hit $3.4 trillion, a figure that underscores the scale of SpaceX’s ambitions and the market’s confidence in its trajectory.
Recent Financial Performance
In 2025, SpaceX reported revenue of $18.67 billion, up from $14.02 billion in 2024. However, the company faced a net loss of $4.94 billion in 2025, compared to a profit of $791 million in 2024. Despite this, SpaceX’s AI segment generated $3.2 billion in revenue in 2025, signaling growing momentum in its tech-driven initiatives.
IPO Roadshow and Market Position
SpaceX is currently conducting an IPO roadshow, aiming to raise $75 billion in what would be the largest initial public offering in history. Morgan Stanley, along with Goldman Sachs, BofA Securities, Citigroup, and J.P. Morgan, is serving as a lead underwriter for the offering. The IPO comes as SpaceX continues to expand its operations, including its Starlink satellite network and Mars exploration plans.
Competitive Landscape
Goldman Sachs has also expressed optimism about SpaceX’s AI division, forecasting its revenue to reach $322 billion by 2030. This aligns with broader industry trends, as major financial institutions increasingly recognize the transformative potential of aerospace and AI technologies.
Conclusion
Morgan Stanley’s projection paints a bold picture of SpaceX’s future, positioning the company as a key player in the global economy. While the path to $3.4 trillion in revenue will require overcoming technical, regulatory, and market challenges, the current momentum suggests that SpaceX is well-positioned to capitalize on the next frontier of innovation.