SPCX IPO: Morgan Stanley Sees SpaceX Revenue Soar 182-Fold To $3.4 Trillion By 2040

• Morgan Stanley expects SpaceX’s AI revenue to fuel the bulk of its topline, rising to $190 billion by 2030, up from $3.2 billion in 2025.
• The investment bank expects SpaceX’s adjusted EBITDA to top $230 billion by 2030.
• SpaceX reported revenue of $18.7 billion in 2025 and a loss of $4.9 billion, according to the company’s regulatory filings.

SpaceX's (SPCX) revenue could soar 182-fold to $3.4 trillion by 2040, according to a Morgan Stanley forecast released days ahead of the SPCX IPO’s launch expected later this month.

According to a report by The Wall Street Journal, Morgan Stanley stated in its note that SpaceX could post adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2.7 trillion by 2040.

SpaceX reported revenue of $18.7 billion in 2025 and a loss of $4.9 billion, according to the company’s regulatory filings.

SpaceX’s Topline To Soar On AI Ambitions

Morgan Stanley expects SpaceX’s AI revenue to fuel the bulk of its topline, rising to $190 billion by 2030, up from $3.2 billion in 2025. The investment bank expects SpaceX’s adjusted EBITDA to top $230 billion by 2030.

Goldman Sachs, SpaceX’s lead investment bank, expects the Elon Musk-led aerospace giant’s AI revenue to soar to $322 billion by 2030, while total revenue is expected to rise to $474 billion. It forecast an adjusted EBITDA of $352 billion by 2030.

Goldman Sees Starlink Outpacing Rocket Business

Goldman Sachs expects SpaceX's launch business to grow at a more modest pace than its other segments, with revenue projected to rise to $8.3 billion by 2030 from $4.1 billion in 2025.

By contrast, revenue from the company's Starlink satellite internet service is forecast to surge to $144 billion by 2030, making it SpaceX's second-largest business by revenue after its AI segment.

Goldman forecast SpaceX’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to soar over 52-fold to $352 billion by 2030, from $6.6 billion in 2025.

SPCX Unveils IPO Roadshow Presentation

SpaceX on Thursday unveiled its IPO roadshow presentation, offering investors a closer look at its space, Starlink connectivity, and AI businesses.

The company highlighted its launch leadership, noting it has completed roughly 650 missions to date, with more than 95% of launches in 2025 using a previously flown booster.

SpaceX also said its Starlink network comprises more than 9,600 satellites, serving approximately 10.3 million subscribers across 164 countries.

SpaceX IPO Price Revealed

SpaceX outlined the terms of its upcoming IPO in a filing with the U.S. Securities and Exchange Commission on Wednesday, revealing plans to raise $75 billion by selling 555.55 million shares priced at $135 each.

The offering would value the company at approximately $1.75 trillion, with Musk expected to retain about 82.4% of the voting power following its Nasdaq debut.

The Procure Space ETF (UFO) is up 137% over the past 12 months, while the Tema Space Innovators ETF (NASA) is up 50%.

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