Morgan Stanley believes SpaceX (NASDAQ:SPCX) could generate as much as $3.4 trillion in annual revenue by 2040, according to a Wall Street Journal report published Friday that cited sources familiar with the bank’s projections.
The investment bank expects artificial intelligence-related activities to become a major driver of growth for the aerospace and satellite company over the coming years.
The forecast comes as SpaceX has begun meeting potential investors as part of its IPO roadshow. The company is seeking to raise $75 billion through its planned stock market debut, a transaction that would rank as the largest initial public offering ever completed.
According to the report, Morgan Stanley estimates that SpaceX’s AI-focused operations could produce roughly $190 billion in revenue by 2030. Total company revenue is projected to approach $330 billion during the same year.
SpaceX reported revenue of $18.67 billion in 2025, up from $14.02 billion in 2024. Despite the increase in sales, the company posted a net loss of $4.94 billion in 2025, compared with net income of $791 million in the previous year.
Its artificial intelligence division generated approximately $3.2 billion in revenue during 2025.
Other Wall Street firms are also optimistic about the segment’s growth potential. According to a Financial Times report published Thursday, Goldman Sachs expects SpaceX’s AI business to generate around $322 billion in annual revenue by 2030.
Morgan Stanley is serving as one of the lead underwriters for the IPO alongside Goldman Sachs, BofA Securities, Citigroup and J.P. Morgan.
SpaceX IPO Want to stay up-to-date on the SpaceX IPO? Find the top asked questions from investors and follow their every move here: https://invest.investorshub.com/spacex-ipo-watch/