Morgan Stanley Projects SpaceX Revenue Could Hit $3.4 Trillion by 2040 Amid $75B IPO

According to Morgan Stanley, SpaceX began investor meetings on June 4 for a planned US$75 billion initial public offering, with the investment bank projecting the company's revenue could reach US$3.4 trillion by 2040. Morgan Stanley, a lead IPO underwriter, expects SpaceX's AI business to generate approximately US$190 billion in revenue by 2030 out of roughly US$330 billion in total revenue that year, while Goldman Sachs forecasted US$322 billion in AI revenue for the same period.

SpaceX's 2025 revenue reached US$18.67 billion, up from US$14.02 billion in 2024, though the company reported a net loss of US$4.94 billion compared to a US$791 million profit the prior year. The AI segment generated US$3.2 billion in 2025 revenue.