Elon Musk has estimated that SpaceX Stock could be supported by annual revenue of roughly $3.5 trillion by around 2033, placing his forecast well ahead of Wall Street’s current timeline. Musk shared the estimate Thursday while responding to Morgan Stanley’s analysis, highlighting the company’s potential expansion across connectivity, space launches, artificial intelligence, and related technology businesses.
Recently, Morgan Stanley referred to SpaceX as an “attractively valued” company following its announcement about the $100 billion Starbase Louisiana project. The bank maintained its Overweight rating and $300 target for SpaceX Stock, implying more than 100% upside from its previous closing price. Furthermore, Morgan Stanley stated that SpaceX’s Starship launch vehicle has been underrated by many investors.
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SpaceX Stock Outlook Hinges on Starship Growth
Morgan Stanley’s existing 2040 model assumes SpaceX could generate $3.5 trillion in annual revenue, partly driven by a much higher Starship launch cadence. The Louisiana Starbase facility development might result in even faster launch schedule than assumed by the bank now. Thus, Starship is going to become one of the key drivers for SpaceX’s equity valuation as launch capacity increases.
Based on the financial disclosures, SpaceX reported $18.67 billion in 2025 revenue, growing 33% compared to 2024 $14.02 billion and 2023 $10.39 billion. The connectivity area led by Starlink contributed $11.387 billion in revenue, which accounted for 61% of overall revenue and produced $4.423 billion in operating income. Revenue in space was $4.086 billion, while SpaceX continued to incur losses in Starship projects.
SpaceX operates in a broad area that goes beyond satellite connectivity and rocket launches. In IPO disclosures, SpaceX estimated its quantifiable total addressable market of $28.5 trillion without China and Russia. Artificial intelligence is $26.5 trillion, connectivity is $1.6 trillion, and space-enabling solutions are $370 billion.
SpaceX Stock Eyes Trillion-Dollar Revenue Growth
Musk has separately said SpaceX could generate approximately $1 trillion in revenue by 2030, with a non-zero possibility of reaching that level in 2029. CFO Bret Johnsen also said cloud agreements and the Cursor acquisition put the company on a trajectory toward $100 billion in annualized revenue by December, adding another significant near-term growth target.
These projections are important for SpaceX Stock investors because the company’s future valuation increasingly depends on multiple businesses rather than traditional rocket launches alone. Starlink provides an established revenue engine, while Starship could increase launch capacity. AI operations, cloud agreements, and acquisitions could add further revenue sources if the company executes successfully.
Retail market sentiment remains more cautious than the company’s long-term revenue projections. Stocktwits showed bearish sentiment toward SpaceX Stock during the previous 24 hours, while message volume remained low. SPCX closed Thursday’s regular session near $141, above its $135 IPO price but well below its $225 intraday record, showing that investor expectations remain mixed.
The central issue for SpaceX Stock is whether the company can convert its ambitious expansion plans into sustained revenue growth. Reaching $3.5 trillion annually by 2033 would require extraordinary growth from the $18.67 billion reported in 2025. Investors will therefore monitor Starship launches, Starlink expansion, AI revenue, cloud deals, and Cursor integration as key milestones.
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