TLDR
- Morgan Stanley projects SpaceX revenue will reach $3.4 trillion by 2040
- SpaceX is aiming to raise $75 billion in what would be the largest IPO ever
- Morgan Stanley forecasts SpaceX’s AI business will generate around $190 billion in revenue by 2030
- Goldman Sachs estimates SpaceX’s AI division could hit $322 billion in revenue by 2030
- SpaceX reported $18.67 billion in revenue in 2025 but posted a net loss of $4.94 billion
SpaceX kicked off its IPO roadshow on Thursday, meeting with investors as it targets raising $75 billion. If successful, it would be the biggest IPO in history.
Morgan Stanley reportedly projects SpaceX revenue could reach $3.4 trillion by 2040, with adjusted EBITDA topping $2.7 trillion, per WSJ.
The bank also sees revenue near $160 billion in 2028.
SpaceX posted $18.7B in 2025 revenue and is targeting a $1.77 trillion IPO valuation. pic.twitter.com/tbjB12Af5S
— Wall St Engine (@wallstengine) June 5, 2026
The company, founded by Elon Musk, makes rockets and satellites. It has grown quickly in recent years, with revenue rising to $18.67 billion in 2025, up from $14.02 billion the year before.
Despite that revenue growth, SpaceX swung to a net loss of $4.94 billion in 2025, compared to a profit of $791 million the year prior.
Morgan Stanley’s Projections
Morgan Stanley, one of the lead underwriters on the IPO, shared an analysis with top investors showing SpaceX’s revenue could reach $3.4 trillion by 2040. Adjusted EBITDA could top $2.7 trillion, according to the Wall Street Journal.
The bank projects SpaceX’s total revenue will reach around $330 billion by 2030. A large portion of that is expected to come from its AI business, which Morgan Stanley forecasts will contribute around $190 billion that year.
SpaceX’s AI segment brought in $3.2 billion in revenue in 2025. That number is expected to grow sharply over the next several years, according to both Morgan Stanley and Goldman Sachs.
Goldman Sachs Weighs In
Goldman Sachs, also a lead underwriter, has published its own projections. The bank estimates SpaceX’s AI division will reach $322 billion in revenue by 2030, according to the Financial Times.
Goldman’s total revenue estimate for SpaceX in 2030 is even higher than Morgan Stanley’s, at over $470 billion compared to Morgan Stanley’s $330 billion.
Both banks projected SpaceX’s 2028 revenue at around $160 billion, showing close alignment on near-term forecasts.
The two banks hold the top two roles among the 21 banks involved in the IPO. That positioning puts them in line to receive the largest share of fees, which are expected to total hundreds of millions of dollars.
Other underwriters on the deal include BofA Securities, Citigroup, and J.P. Morgan.
SpaceX has not commented publicly on the revenue projections. A Morgan Stanley spokesperson declined to comment when contacted by Reuters, and the figures could not be independently verified.
The IPO roadshow began Thursday, with SpaceX expected to finalize terms next week. A successful raise of $75 billion would top any previous IPO on record.
SpaceX reported $3.2 billion from its AI segment in 2025, a small fraction of what analysts expect it to become over the next decade.
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