Morgan Stanley expects SpaceX revenue to reach $3.4 trillion by 2040

According to The Wall Street Journal, citing sources familiar with the matter, an analysis shared by Morgan Stanley with key investors on Thursday suggests that SpaceX's revenue could reach $3.4 trillion by 2040, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) potentially exceeding $2.7 trillion by the same year. SpaceX is projected to achieve $18.7 billion in revenue in 2025, with a loss of $4.9 billion. Analysts from both Goldman Sachs and Morgan Stanley anticipate SpaceX's revenue to approach $160 billion by 2028. Goldman Sachs forecasts revenue to surpass $470 billion in 2030, while Morgan Stanley predicts it to be close to $330 billion. Both banks expect SpaceX's artificial intelligence business to contribute the majority of revenue and experience significant growth after this year to achieve these revenue figures. Goldman Sachs estimates this business segment will contribute approximately $322 billion in revenue by 2030, with Morgan Stanley projecting around $190 billion. SpaceX's reports indicate its artificial intelligence division will generate $3.2 billion in revenue in 2025. Goldman Sachs and Morgan Stanley also anticipate SpaceX's adjusted EBITDA to reach approximately $110 billion in 2028 and $352 billion and $230 billion, respectively, in 2030.