Morgan Stanley told key investors its analysis shows SpaceX revenue could reach $3.4 trillion by 2040, with adjusted EBITDA exceeding $2.7 trillion by that year. SpaceX reported 2025 revenue of $18.7bn and a $4.9bn loss; its AI unit generated $3.2bn in 2025. Morgan Stanley and Goldman Sachs both forecast revenue near $160bn by 2028. Goldman projects revenue above $470bn in 2030, Morgan Stanley about $330bn. Both banks expect SpaceX’s AI business to account for the bulk of post-2025 revenue growt

Morgan Stanley told key investors its analysis shows SpaceX revenue could reach $3.4 trillion by 2040, with adjusted EBITDA exceeding $2.7 trillion by that year. SpaceX reported 2025 revenue of $18.7bn and a $4.9bn loss; its AI unit generated $3.2bn in 2025. Morgan Stanley and Goldman Sachs both forecast revenue near $160bn by 2028. Goldman projects revenue above $470bn in 2030, Morgan Stanley about $330bn. Both banks expect SpaceX’s AI business to account for the bulk of post-2025 revenue growth; Goldman forecasts AI revenue of roughly $322bn by 2030, Morgan Stanley about $190bn. Both firms see adjusted EBITDA around $110bn in 2028; for 2030 Goldman projects $352bn and Morgan Stanley $230bn.