Musk Predicts $3.5 Trillion SpaceX Revenue

Elon Musk has projected that SpaceX could reach approximately $3.5 trillion in annual revenue by around 2033. This ambitious forecast was shared on X, responding to an analysis from Morgan Stanley.

Morgan Stanley recently declared SpaceX "attractively valued" following the announcement of its $100 billion Starbase Louisiana project. The bank maintained an 'Overweight' rating, suggesting investors are underestimating the capacity of the Starship launch vehicle. The firm's financial models for 2040 anticipate $3.5 trillion in revenue, driven by a high frequency of Starship launches, with the Louisiana Starbase plan indicating potentially higher launch cadences.

SpaceX has reported substantial revenue growth, reaching $18.67 billion in 2025, a rise from previous years. Starlink, a connectivity service, led revenue generation in 2025 with $11.387 billion. Space operations contributed $4.086 billion, while AI-related ventures, including xAI and X, added $3.201 billion, though both segments incurred operating losses.

The company's IPO filings indicated a total addressable market of $28.5 trillion, excluding China and Russia, with AI representing the largest portion. Connectivity and space-enabled solutions form smaller, yet significant, market segments. SpaceX envisions AI compute as its next major trillion-dollar market opportunity.

In the nearer term, Musk has stated that SpaceX could achieve about $1 trillion in revenue by 2030, with a possibility of reaching this milestone in 2029. Chief Financial Officer Bret Johnsen indicated that the company is on a trajectory to achieve $100 billion of annualized revenue run rate by the close of 2026, bolstered by new cloud deals and the Cursor acquisition.