Morgan Stanley has outlined an aggressive long-term outlook for SpaceX (NASDAQ:SPCX), projecting that the company’s annual revenue could climb to $3.4 trillion by 2040, according to people familiar with the analysis cited by The Wall Street Journal.
A key component of that growth is expected to come from the company’s expanding artificial intelligence business, which the bank believes will become increasingly important to SpaceX’s overall financial performance.
The projections were reported as SpaceX launched its investor roadshow ahead of a planned $75 billion IPO. If completed as expected, the transaction would set a new record for the largest public offering globally.
Morgan Stanley forecasts that SpaceX’s AI division could generate approximately $190 billion in revenue by 2030. Total company revenue is expected to reach nearly $330 billion by that point.
The company generated $18.67 billion in revenue during 2025, compared with $14.02 billion a year earlier. However, SpaceX reported a net loss of $4.94 billion in 2025 after recording a profit of $791 million in 2024.
Revenue from artificial intelligence operations totaled roughly $3.2 billion last year.
Goldman Sachs has offered an even more optimistic assessment. According to a Financial Times report, the bank expects SpaceX’s AI-related revenue to reach approximately $322 billion by 2030.
Morgan Stanley is among the lead banks managing the IPO, working alongside Goldman Sachs, BofA Securities, Citigroup and J.P. Morgan on the landmark transaction.
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