Key Takeaways
- Wall Street analysts anticipate SpaceX revenue could climb to $3.4 trillion by the year 2040
- The aerospace company seeks to secure $75 billion through what may become history’s largest initial public offering
- Morgan Stanley analysts predict the company’s artificial intelligence operations will produce approximately $190 billion in annual revenue by decade’s end
- Goldman Sachs analysts project SpaceX’s AI segment could achieve $322 billion in revenue by 2030
- The company recorded $18.67 billion in revenue during 2025 while experiencing a net loss of $4.94 billion
Elon Musk’s SpaceX commenced its initial public offering roadshow Thursday, engaging with potential investors as the aerospace manufacturer pursues a $75 billion capital raise. Successfully completing this offering would establish a new benchmark as the largest IPO ever executed.
The rocket and satellite manufacturer has experienced rapid expansion in recent years. Annual revenue climbed to $18.67 billion in 2025, representing a significant increase from the $14.02 billion generated in the previous fiscal year.
However, despite impressive top-line growth, the company’s financial performance shifted dramatically. SpaceX recorded a net loss of $4.94 billion in 2025, a stark contrast to the $791 million profit reported in the prior year.
Wall Street’s Long-Term Revenue Outlook
Morgan Stanley, serving as a primary underwriter for the public offering, distributed detailed financial projections to institutional investors indicating SpaceX’s revenue could surge to $3.4 trillion by 2040. The investment bank’s analysis suggests adjusted EBITDA could exceed $2.7 trillion during that timeframe, as reported by the Wall Street Journal.
The financial institution forecasts SpaceX will generate approximately $330 billion in total revenue by 2030. A substantial portion of this projected income is anticipated to originate from the company’s artificial intelligence operations, with Morgan Stanley estimating this division will contribute roughly $190 billion in that year alone.
SpaceX’s AI-focused business unit generated $3.2 billion in revenue throughout 2025. Both Morgan Stanley and Goldman Sachs anticipate dramatic expansion in this segment over the coming years.
Goldman Sachs Offers Competing Forecast
Goldman Sachs, another lead underwriter on the transaction, has released alternative projections. The financial institution estimates SpaceX’s artificial intelligence operations will generate $322 billion in annual revenue by 2030, according to the Financial Times.
Goldman’s overall revenue projection for SpaceX in 2030 exceeds Morgan Stanley’s estimate considerably, forecasting more than $470 billion compared to Morgan Stanley’s $330 billion prediction.
Despite divergent long-term forecasts, both financial institutions project SpaceX will achieve approximately $160 billion in revenue by 2028, demonstrating consensus on near-term growth expectations.
The two investment banks occupy the most prominent positions among the 21 financial institutions participating in the IPO underwriting. This strategic placement positions them to collect the largest portion of underwriting fees, which industry observers expect will total hundreds of millions of dollars.
Additional underwriters participating in the transaction include BofA Securities, Citigroup, and J.P. Morgan.
SpaceX has not issued public statements regarding the revenue projections circulated by underwriters. When contacted by Reuters, a Morgan Stanley representative declined to provide commentary, and the financial forecasts remain unverified by independent sources.
The IPO roadshow launched Thursday, with SpaceX anticipated to establish final pricing terms within the next week. Successfully raising $75 billion would surpass every previous initial public offering in financial market history.
The company’s AI division contributed $3.2 billion to total revenue in 2025, representing a modest fraction of what financial analysts predict this segment will achieve throughout the next ten years.
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