BlockBeats news, on June 6, Fortune magazine cited analysis by David Trainer, CEO of research firm New Constructs, stating that to support its valuation of approximately $1.75 trillion, SpaceX must increase its annual revenue to about $1.1 trillion by 2035—a nearly 60-fold increase from $18.7 billion in 2025, equivalent to an average annual revenue growth rate of about 50% over the next decade.
According to SpaceX’s previously filed prospectus, the company reported revenue of $18.7 billion and a net loss of $4.9 billion in 2025. Based on a discounted cash flow model, Trainer determined that for investors to achieve an annualized return of approximately 10% over the next decade, SpaceX must meet these growth targets.
Analysis indicates that if SpaceX achieves $1.1 trillion in revenue, its income would equal approximately 2.4% of the U.S. GDP in 2035, making its economic size larger than the entire U.S. utilities industry and approaching three-quarters the size of the U.S. transportation industry.
The trainer stated that although the AI market is enormous, numerous competitors, including Alphabet, Microsoft, NVIDIA, and OpenAI, are vying for market share, making it unprecedented for SpaceX to achieve such scale of growth. He believes that SpaceX’s current IPO may not only be the largest in history but also the most expensive in terms of valuation.