Morgan Stanley predicts SpaceX revenue will reach $3.4 trillion by 2040.

Odaily Planet Daily reports, according to The Wall Street Journal, that Morgan Stanley shared an analysis with major investors on Thursday showing that SpaceX’s revenue could reach $3.4 trillion by 2040, with adjusted EBITDA exceeding $2.7 trillion by the same year. In 2025, SpaceX generated $18.7 billion in revenue and incurred a loss of $4.9 billion. Analysts at Goldman Sachs and Morgan Stanley both project that SpaceX’s revenue will approach $160 billion by 2028. Goldman Sachs forecasts revenue surpassing $470 billion by 2030, while Morgan Stanley predicts approximately $330 billion. Both banks expect that, to achieve these revenue levels, SpaceX’s artificial intelligence business will account for the majority of income and experience substantial growth after this year. Goldman Sachs anticipates this business segment will generate approximately $322 billion in revenue by 2030, while Morgan Stanley projects around $190 billion. SpaceX reported that its AI division generated $3.2 billion in revenue in 2025. Both Goldman Sachs and Morgan Stanley also forecast that SpaceX’s adjusted EBITDA will reach approximately $110 billion by 2028 and $352 billion and $230 billion, respectively, by 2030.