Key Takeaways
- Wall Street analysts predict SpaceX could achieve $3.4 trillion in revenue by 2040
- The company seeks to raise $75 billion in what could become history’s largest public offering
- Morgan Stanley anticipates SpaceX’s artificial intelligence operations will deliver approximately $190 billion in revenue by 2030
- Goldman Sachs projects the AI segment could reach $322 billion in revenue by 2030
- The company generated $18.67 billion in revenue during 2025 while recording a $4.94 billion net loss
Elon Musk’s aerospace manufacturer SpaceX launched its initial public offering roadshow on Thursday, engaging with potential investors as it pursues a $75 billion capital raise. Should the company achieve this target, it would establish a new benchmark as the largest IPO ever recorded.
The rocket and satellite manufacturer has experienced rapid expansion in recent years, with annual revenue climbing to $18.67 billion in 2025 from $14.02 billion in the previous year.
However, despite this top-line growth, the company transitioned from profitability to loss, posting a $4.94 billion net deficit in 2025 compared to a $791 million profit in 2024.
Wall Street’s Long-Term Outlook
Morgan Stanley, serving as a primary underwriter for the public offering, distributed analytical projections to major institutional investors indicating SpaceX’s revenue trajectory could reach $3.4 trillion by 2040. The investment bank also forecasts adjusted EBITDA exceeding $2.7 trillion, as reported by the Wall Street Journal.
The financial institution anticipates SpaceX will generate approximately $330 billion in total revenue by 2030. A significant component of this figure stems from its artificial intelligence operations, which Morgan Stanley expects will contribute roughly $190 billion during that year.
SpaceX’s AI-related business generated $3.2 billion in revenue throughout 2025. Both Morgan Stanley and Goldman Sachs anticipate substantial acceleration in this segment over the coming years.
Goldman Sachs Offers Alternative Forecast
Goldman Sachs, another lead underwriter on the transaction, has released its own financial projections. The investment bank estimates SpaceX’s artificial intelligence division will generate $322 billion in revenue by 2030, according to reporting from the Financial Times.
Goldman’s overall revenue projection for SpaceX in 2030 surpasses Morgan Stanley’s estimate, forecasting more than $470 billion compared to Morgan Stanley’s $330 billion figure.
Interestingly, both financial institutions aligned on 2028 revenue projections at approximately $160 billion, demonstrating consensus on medium-term expectations.
The two banks occupy the premier positions among 21 financial institutions participating in the IPO. This prominent placement positions them to capture the largest portion of underwriting fees, which are anticipated to reach hundreds of millions of dollars.
Additional underwriters participating in the offering include BofA Securities, Citigroup, and J.P. Morgan.
SpaceX has not issued public statements regarding these revenue projections. When contacted by Reuters, a Morgan Stanley representative declined to provide commentary, and the financial forecasts remain unverified through independent sources.
The IPO roadshow commenced Thursday, with SpaceX anticipated to establish final terms within the coming week. Successfully raising $75 billion would eclipse all previous IPO records.
SpaceX’s AI segment accounted for $3.2 billion in revenue during 2025, representing only a small portion of what financial analysts project it will become throughout the next decade.
