SpaceX IPO Roadshow Begins: Wall Street Banks Forecast $3.4T Revenue by 2040

Key Takeaways

• SpaceX pursues $75 billion IPO, which would shatter all previous public offering records
• Wall Street projections show potential revenue of $3.4 trillion by 2040
• Morgan Stanley anticipates SpaceX’s AI operations will generate approximately $190 billion by 2030
• Goldman Sachs projects even higher AI revenue of $322 billion within the same timeframe
• The company recorded $18.67 billion in 2025 revenue but suffered a $4.94 billion net loss

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Elon Musk’s aerospace venture commenced its initial public offering roadshow Thursday, engaging with potential investors as it seeks to secure $75 billion in capital. This ambitious target would establish a new benchmark as the largest IPO ever executed.

The rocket and satellite manufacturer has experienced substantial expansion in recent years, with annual revenue climbing to $18.67 billion in 2025 from $14.02 billion in the previous year.

However, despite impressive top-line growth, the company transitioned from a $791 million profit in 2024 to a significant net loss of $4.94 billion in 2025.

Wall Street’s Bold Revenue Forecasts

Morgan Stanley, serving as a lead underwriter for the offering, presented an analytical report to major institutional investors indicating SpaceX could achieve $3.4 trillion in revenue by 2040. The bank’s projections also suggest adjusted EBITDA exceeding $2.7 trillion during that period, as reported by the Wall Street Journal.

The financial institution anticipates total revenue reaching approximately $330 billion by 2030. A substantial portion of this projected growth is attributed to artificial intelligence operations, which Morgan Stanley expects will generate roughly $190 billion annually by decade’s end.

SpaceX’s AI division contributed $3.2 billion to overall revenue in 2025. Both leading underwriters predict this segment will experience exponential expansion throughout the coming years.

Goldman Sachs Offers Alternative Outlook

Goldman Sachs, another primary underwriter, has released its own financial forecasts. The investment bank estimates SpaceX’s artificial intelligence business will generate $322 billion in annual revenue by 2030, according to the Financial Times.

Goldman’s comprehensive revenue projection for SpaceX in 2030 exceeds Morgan Stanley’s estimate significantly, reaching over $470 billion versus Morgan Stanley’s $330 billion figure.

Interestingly, both institutions projected 2028 revenue at approximately $160 billion, demonstrating consensus on near-term performance expectations.

The two banking giants occupy the premier positions among 21 financial institutions participating in the IPO syndicate. This prominence positions them to collect the largest portion of underwriting fees, which industry observers expect will total hundreds of millions of dollars.

Additional underwriters participating in the transaction include BofA Securities, Citigroup, and J.P. Morgan.

SpaceX has not issued public statements regarding the revenue forecasts. When Reuters reached out for comment, a Morgan Stanley representative declined to provide information, and the projections remain unverified through independent sources.

The IPO roadshow launched Thursday, with SpaceX anticipated to finalize offering terms within the next week. Successfully raising $75 billion would eclipse every previous IPO in financial market history.

With AI segment revenue of $3.2 billion in 2025, analysts see massive potential for this division to become a dominant revenue driver over the next ten years.

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