Elon Musk expects newly listed SpaceX to generate roughly $1 trillion in annual revenue by 2030, well ahead of even Wall Street's bullish projections for his rocket-and-AI conglomerate.
Responding on X to a Morgan Stanley revenue forecast, Musk said SpaceX "might be able to reach approximately $1 trillion revenue in 2030," adding that he would be "surprised" if revenue did not exceed $1 trillion in 2031.
The brokerage's own estimates peg SpaceX revenue at $160 billion by 2028 and $330 billion by 2030, scaling to $3.4 trillion by 2040, up from the $18.7 billion the company actually booked in 2025. Musk's 2030 number is roughly three times Morgan Stanley's estimate for the same year.
The claim lands days after SpaceX completed the largest IPO in history, raising $75 billion and closing its first session at a $2.1-trillion valuation, the sixth-largest U.S. listed company. The debut also made Musk the world's first trillionaire.
The trillion-dollar revenue math, however, sits awkwardly against the numbers in SpaceX's own offer document. The company posted a net loss of $4.9 billion in 2025 and lost a further $8.7 billion through March 2026, with the S-1 conceding it "may not achieve profitability."
Long-term debt stood at $29.1 billion at March-end. Much of the long-term growth story rests on a claimed $28.5 trillion total addressable market, of which roughly 90% is attributed to artificial intelligence rather than the Starlink and launch businesses that generate cash today.
Governance adds another caveat. Musk will control over 82% of voting power through 10-vote Class B shares, a structure U.S. pension funds have criticised as leaving him effectively unfireable.
ALSO READ: SpaceX Strikes Rare Deal To Pay $0 To Bankers For IPO Greenshoe
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.