Wall Street Banks Predict Massive SpaceX Revenue Growth Ahead of IPO
In Focus
- Morgan Stanley projects that SpaceX’s revenue will reach $3.4 trillion in 2040
- Goldman Sachs expects SpaceX’s AI revenue to reach $322 billion by 2030
- The investment banks expect AI to fuel SpaceX revenue growth
Investment banks have projected a sharp increase in SpaceX revenue over the next one and a half decades. Morgan Stanley forecasts that the rocket maker’s revenue could grow massively by 2040. The bank released the SpaceX revenue forecast ahead of the company’s IPO expected later this month.
What Do SpaceX Revenue Forecasts Look Like?
Morgan Stanley projects that SpaceX’s revenue could grow to $3.4 trillion in 2040. The investment bank expects the revenue from the company’s AI business to grow from $3.2 billion in 2025 to $190 billion by 2030.
Goldman Sachs has also projected strong SpaceX AI revenue growth. The bank estimates that revenues in the Elon Musk-led company will reach $322 billion by 2030. Analysts in both banks expect SpaceX revenue to approach $160 billion in 2028.
Speaking to investors on June 4, Morgan Stanley forecast that SpaceX’s adjusted earnings before interest, taxes, depreciation, and amortization could reach $230 billion over the next 4 years. The bank projects that this amount could rise to $2.7 trillion in 2040.
Both banks expect SpaceX’s EBITDA to increase to $110 billion in 2028. The banks shared the revenue projections as they pitched the SpaceX IPO with selected investors. SpaceX is looking to raise about $75 billion in what is expected to be a record-breaking IPO.
What is Driving SpaceX Revenue Growth?
According to Morgan Stanley and Goldman Sachs, SpaceX growth will largely be fueled by AI. With the SpaceX-xAI merger, the investment banks expect revenue from this unit to increase dramatically after 2026. In 2025, SpaceX reported that the AI division generated $3.2 billion.
The forecasts encourage investors to focus on the future as the banks support the $1.7 trillion valuation that SpaceX is targeting in its IPO. In 2025, SpaceX revenue stood at $18.7 billion. The company reported $4.9 billion in losses.
The company’s IPO presentation emphasizes leadership in rocket launches. The pitch also highlights Starlink’s network of more than 9,600 satellites and its 10.3 million subscriber base across 164 countries. If investors buy the long-term vision, the positive outlook could strengthen demand for the IPO and support a premium valuation when SpaceX eventually goes public.
What the Revenue Projections Mean for SpaceX IPO
SpaceX revenue projections by Goldman Sachs and Morgan Stanley show that investor interest in the upcoming IPO could be driven by expectations of future growth. They shift the focus from the company’s current business performance.
The forecasts also show that SpaceX can expand beyond its core operations and establish itself as a major player in emerging technology markets. Goldman Sachs and Morgan Stanley secured the two leading positions among the 21 banks involved in the SpaceX IPO.
Their prominent roles in the IPO are expected to earn them the largest portion of the lucrative fees associated with managing the highly anticipated public offering.
