Morgan Stanley is projecting that SpaceX's revenue could reach $3.4 trillion in 2040, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The Wall Street giant is anticipating that revenue from SpaceX's AI business will dramatically grow in the coming years, the report said.
Elon Musk's SpaceX began meeting with investors on Thursday in its IPO roadshow. The rocket and satellite maker is aiming to raise $75 billion, in what would be the biggest IPO ever.
Morgan Stanley projects SpaceX's AI business will contribute around $190 billion in revenue in 2030, while total revenue is expected to be near $330 billion that year, the WSJ report said.
In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the company swung to a net loss of $4.94 billion from a profit of $791 million.
SpaceX's AI segment raked in $3.2 billion in revenue in 2025.
Meanwhile, Goldman Sachs is expecting revenue from SpaceX's AI division to surge to $322 billion by 2030, the Financial Times reported on Thursday.
Morgan Stanley is among the lead underwriters for SpaceX's IPO, besides Goldman Sachs, BofA Securities, Citigroup and JP Morgan.
A spokesperson for Morgan Stanley did not immediately respond to Reuters' request for comment. Reuters could not independently verify the report.
