SpaceX Revenue Could Hit $3.4 Trillion by 2040, Fueling IPO Frenzy

Wall Street Projects 180-Fold Growth for SpaceX, With Revenue Reaching $3.4 Trillion by 2040

SpaceX, Elon Musk’s space company, could generate $3.4 trillion in revenue by 2040, according to a new forecast. Investor interest is building ahead of the company’s planned initial public offering as Wall Street banks publish aggressive long-term growth estimates.

Morgan Stanley, a joint lead underwriter for the IPO, told investors in presentation materials that SpaceX revenue could reach $3.4 trillion by 2040, The Wall Street Journal reported on June 5. That would be more than 180 times its estimated $18.7 billion in revenue last year.

The bank also outlined a bullish profitability outlook, estimating earnings before interest, taxes, depreciation and amortization at $2.7 trillion in 2040.

Other underwriters are also forecasting rapid growth. Goldman Sachs projects revenue from SpaceX’s AI business will rise from $3.2 billion in 2025 to $322 billion in 2030, the Financial Times and Bloomberg reported. It also forecasts total company revenue will increase from $18.7 billion last year to $474 billion in 2030.

SpaceX plans to raise about $75 billion through a Nasdaq listing expected on June 12. The company’s market capitalization after the listing is projected at about $1.75 trillion to $1.77 trillion.

SpaceX has expanded rapidly through reusable rockets, its Starlink satellite internet service and launch operations. Expectations for growth in AI and space infrastructure businesses are also adding a premium to its valuation.

The figures, however, are long-term projections from investment banks and may differ from actual results. The pace of technological development in the space industry, regulation, launch costs and competition in the satellite communications market remain key variables for the company’s valuation and performance.

Lee Song-ryeol, Hankyung.com reporter yisr0203@hankyung.com