SKN | Morgan Stanley Projects Trillion-Dollar Revenue Opportunity for SpaceX by 2040

Key Points

• Morgan Stanley forecasts that SpaceX could generate up to $3.4 trillion in annual revenue by 2040, driven largely by artificial intelligence and advanced technology initiatives.
• The investment bank estimates SpaceX’s AI-related operations could produce approximately $190 billion in revenue by 2030.
• SpaceX is reportedly pursuing a $75 billion initial public offering that could become the largest IPO in history.

 

Morgan Stanley Sees Extraordinary Long-Term Growth

Morgan Stanley has outlined one of the most ambitious revenue forecasts ever associated with a private technology company, projecting that SpaceX (NASDAQ: SPCX) could generate as much as $3.4 trillion in annual revenue by 2040.

According to reports, the investment bank believes artificial intelligence will become a major contributor to SpaceX’s future growth, transforming the company from primarily an aerospace and satellite operator into a broader technology platform.

The forecast highlights growing investor interest in the intersection of artificial intelligence, satellite communications, space infrastructure, and advanced computing technologies.

If achieved, the projected revenue would place SpaceX among the largest companies in global history.

AI Expected To Become A Major Revenue Driver

Morgan Stanley estimates that SpaceX’s AI-related business activities could generate approximately $190 billion in annual revenue by 2030.

Total company revenue is projected to approach $330 billion during that same year, indicating that artificial intelligence could become one of the company’s most significant business segments.

The bank believes AI applications integrated with SpaceX’s satellite networks, communications infrastructure, and future technology platforms could create substantial new revenue opportunities over the next decade.

This reflects a broader Wall Street trend of viewing artificial intelligence as a transformative growth engine capable of creating entirely new markets and business models.

IPO Roadshow Draws Investor Attention

The projections come as SpaceX reportedly begins meeting with potential investors during its planned IPO roadshow.

The company is seeking to raise approximately $75 billion through its public offering, which would represent the largest initial public offering ever completed if successful.

Investor interest remains exceptionally high due to SpaceX’s dominant position in commercial space launches, satellite communications, and emerging technology initiatives.

A successful IPO could provide the company with significant additional capital to support expansion across multiple business segments, including AI-driven initiatives.

Revenue Growth Continues Despite Profitability Challenges

SpaceX generated revenue of $18.67 billion in 2025, representing substantial growth from $14.02 billion reported in 2024.

However, despite the increase in sales, profitability remains a challenge. The company reported a net loss of $4.94 billion in 2025, compared with net income of $791 million during the previous year.

The results suggest that SpaceX continues to invest aggressively in growth initiatives, infrastructure development, research programs, and emerging technologies.

Its artificial intelligence division generated approximately $3.2 billion in revenue during 2025, providing an early indication of the segment’s growing contribution to overall business performance.

Wall Street Remains Optimistic

Morgan Stanley is not alone in its optimistic outlook for SpaceX’s AI business.

According to recent reports, Goldman Sachs expects the company’s artificial intelligence segment to generate approximately $322 billion in annual revenue by 2030.

While the two firms differ in their projections, both forecasts point toward significant long-term opportunities tied to AI-enabled services and infrastructure.

These expectations reflect growing confidence that artificial intelligence could become one of the primary drivers of future technology-sector growth.

Outlook

Morgan Stanley’s forecast illustrates the enormous expectations being placed on SpaceX’s ability to capitalize on emerging opportunities in artificial intelligence, satellite communications, and advanced technology infrastructure.

Although the company’s current revenue remains far below the projections being discussed by Wall Street, strong growth trends, expanding AI operations, and a potentially historic IPO are helping fuel investor enthusiasm.

The coming years will likely determine whether SpaceX can successfully transform its existing aerospace leadership into a broader technology platform capable of delivering the extraordinary revenue growth envisioned by major investment banks.

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