Key Highlights
- Wall Street projects SpaceX could generate $3.4 trillion in revenue by 2040
- The space company seeks to raise $75 billion in what could become history’s largest public offering
- AI operations projected to bring in approximately $190 billion annually by 2030, per Morgan Stanley
- Goldman Sachs estimates the AI segment could reach $322 billion in revenue by decade’s end
- The company generated $18.67 billion in 2025 revenue but recorded a $4.94 billion net loss
Elon Musk’s SpaceX launched its highly anticipated IPO roadshow Thursday, engaging with potential investors as the aerospace manufacturer pursues a historic $75 billion capital raise. Should the company achieve this target, it would shatter all previous IPO records.
The aerospace giant, which specializes in rocket manufacturing and satellite deployment, has experienced remarkable expansion in recent years. Annual revenue climbed to $18.67 billion in 2025, representing a significant jump from the previous year’s $14.02 billion.
However, despite impressive top-line growth, the company experienced a dramatic shift in profitability. 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 Bold Revenue Forecasts
Morgan Stanley, serving as a principal underwriter for the offering, presented detailed projections to institutional investors indicating SpaceX’s revenue trajectory could hit $3.4 trillion by 2040. The bank’s analysis suggests adjusted EBITDA could exceed $2.7 trillion by that same year, as reported by the Wall Street Journal.
The investment bank anticipates SpaceX will generate approximately $330 billion in total revenue by 2030. A significant driver of this growth is expected to be the company’s artificial intelligence operations, which Morgan Stanley believes will contribute roughly $190 billion to that annual figure.
SpaceX’s AI division generated $3.2 billion in 2025 revenue. Both Morgan Stanley and Goldman Sachs anticipate substantial acceleration in this segment throughout the coming years.
Goldman Sachs Offers Even More Bullish Outlook
Goldman Sachs, another lead underwriter on the transaction, has released its own financial projections. The investment bank forecasts SpaceX’s artificial intelligence operations will generate $322 billion in revenue by 2030, according to reporting from the Financial Times.
Goldman’s overall revenue projection for SpaceX in 2030 substantially exceeds Morgan Stanley’s estimate, coming in at more than $470 billion versus Morgan Stanley’s $330 billion forecast.
Interestingly, both financial institutions aligned closely on nearer-term expectations, each projecting approximately $160 billion in revenue for 2028.
The two banks occupy the most prominent positions among 21 financial institutions participating in the IPO. This strategic placement positions them to capture the largest portion of underwriting fees, which analysts expect will total several hundred million dollars.
Additional underwriters participating in the transaction include BofA Securities, Citigroup, and J.P. Morgan.
SpaceX has remained silent regarding the revenue projections circulating among investors. When contacted by Reuters, a Morgan Stanley representative declined to provide comment, and the forecasts remain unverified through independent sources.
The IPO roadshow commenced Thursday, with pricing and final terms expected to be determined next week. Successfully raising $75 billion would establish a new benchmark for public offerings globally.
The company’s AI segment, which contributed $3.2 billion in 2025, represents just a fraction of what Wall Street analysts anticipate it will become over the next ten years.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
