Morgan Stanley has projected that SpaceX’s revenue could reach US$3.4 trillion by 2040, according to people familiar with the matter.

SpaceX, Elon Musk’s rocket and satellite company, began meeting investors on June 4 for a planned US$75 billion initial public offering.

Morgan Stanley, one of the lead underwriters for the IPO, expects SpaceX’s AI business to generate about US$190 billion in 2030 out of roughly US$330 billion in total revenue.

Goldman Sachs forecast US$322 billion in AI revenue for SpaceX that year.

SpaceX’s revenue rose to US$18.67 billion in 2025 from US$14.02 billion a year earlier, but the company swung to a net loss of US$4.94 billion from a US$791 million profit. Its AI segment generated US$3.2 billion in revenue.

The IPO would rank among the largest ever. It also faces regulatory constraints. Underwriters have barred investors from Hong Kong and China over US export-control rules, while Starlink contributed US$11.4 billion of SpaceX’s 2025 revenue, making the satellite internet service the company’s largest business.

🔗 Source: Reuters

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