SpaceX forecasts point to trillions in revenue as Nasdaq IPO approaches

SpaceX is preparing for a landmark stock market debut amid extremely ambitious long‑term financial forecasts. Internal estimates shared with major investors suggest the company could generate several trillion dollars in annual revenue within the next two decades, driven increasingly by artificial intelligence services.

The projections, reported by The Wall Street Journal and based on research from leading investment banks, come just days before SpaceX is due to list its shares on the Nasdaq exchange.

Trillion‑dollar revenue outlook by 2040

According to research prepared by Morgan Stanley, one of the main coordinators of SpaceX’s initial public offering (IPO), the company’s revenue could reach around 3.4 trillion US dollars in 2040. The bank also estimates that SpaceX’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) could exceed 2.7 trillion dollars in the same year.

The analysis, which The Wall Street Journal says was shared with leading investors, underscores just how aggressively some financial institutions view SpaceX’s long‑term growth potential, particularly beyond its current core of launch services and satellite internet.

Medium‑term revenue and profit projections

Both Morgan Stanley and Goldman Sachs Group, the other key global bank organizing the IPO, have prepared detailed forecasts for the coming years, according to the report.

• For 2028, analysts at both banks expect SpaceX to generate about 160 billion dollars in revenue.
• By 2030, Goldman Sachs estimates SpaceX’s revenue at more than 470 billion dollars, while Morgan Stanley projects around 330 billion dollars.

Both institutions also forecast a sharp increase in profitability:

• Adjusted EBITDA for 2028 is expected to reach about 110 billion dollars.
• For 2030, Goldman Sachs estimates adjusted EBITDA at roughly 352 billion dollars, while Morgan Stanley projects around 230 billion dollars.

AI expected to become SpaceX’s primary growth engine

A key element of the forecasts is the assumption that artificial intelligence will become the company’s largest business area after 2030. The banks expect AI‑related services to grow rapidly and overtake SpaceX’s traditional activities such as rocket launches and satellite broadband.

Goldman Sachs projects that AI‑related revenue could reach about 322 billion dollars by 2030. Morgan Stanley’s projection for the same segment and year is around 190 billion dollars. Both banks expect this part of the business to continue expanding quickly beyond 2030, ultimately accounting for the majority of SpaceX’s total revenue later in the decade and into the 2040 horizon.

Current performance and AI contribution

SpaceX’s total revenue in 2025 amounted to 18.7 billion dollars, according to the figures cited. Of that, approximately 3.2 billion dollars came from activities linked to artificial intelligence.

While those numbers are still a long way from the trillion‑dollar scenarios outlined for the 2030s and 2040, they show that AI‑related services are already contributing a noticeable share of the company’s business and are seen by the banks as a core pillar of future growth.

IPO details: listing on Nasdaq with SPCX ticker

SpaceX plans to list its shares on the Nasdaq stock exchange next week. The IPO is expected to raise about 75 billion dollars, implying a valuation of roughly 1.75 trillion dollars for the company.

Trading in SpaceX shares is scheduled to begin on 12 June under the ticker symbol SPCX. The offering would rank among the most high‑profile technology listings in recent years, reflecting investor expectations not only for the company’s space and satellite operations, but increasingly for its role in the fast‑growing AI market.