Musk predicts $1 trillion revenue for SpaceX by 2030
What's the story
Elon Musk has predicted that SpaceX could generate an annual revenue of around $1 trillion by 2030. The ambitious target is three times the estimate given by Morgan Stanley for the newly listed rocket and artificial intelligence (AI) company. Responding to a Morgan Stanley revenue forecast on X, Musk said SpaceX "might be able to reach approximately $1 trillion revenue in 2030." He added he'd be "surprised" if the company's revenue didn't exceed $1 trillion in 2031.
Market predictions
Morgan Stanley's estimates for SpaceX
Morgan Stanley's projection estimates SpaceX's revenue at $160 billion by 2028 and $330 billion by 2030. However, these estimates are still far from Musk's ambitious target of $1 trillion in annual revenue for SpaceX by the end of this decade. The brokerage also predicts that the company's revenue could soar to a staggering $3.4 trillion by 2040. Notably, SpaceX generated $18.7 billion in revenue in 2025, according to the company's offer document.
Financial milestone
SpaceX's historic IPO and Musk's wealth surge
SpaceX recently made history by raising a whopping $75 billion in its initial public offering (IPO). The company ended its first trading session with a valuation of $2.1 trillion, making it the sixth-largest listed company in the US. The successful IPO has also made Musk the world's first trillionaire based on his holdings' value after the public listing.
Revenue struggles
SpaceX's profitability struggles and debt load
Despite its impressive valuation, SpaceX is still struggling with profitability. The company reported a net loss of $4.9 billion in 2025 and another loss of $8.7 billion for the period ending March 2026. The company's S-1 filing also said it "may not achieve profitability." As of March 2026, SpaceX had long-term debt of $29.1 billion, according to its offer document.
Market potential
Concerns over governance structure post-IPO
SpaceX's long-term growth strategy hinges on a total addressable market of $28.5 trillion, with 90% coming from AI rather than its current revenue-generating businesses like Starlink. The company's governance structure has also come under fire after the IPO, as Musk will control over 82% of voting power through 10-vote Class B shares. This dual-class share arrangement gives Class B shareholders more voting rights than ordinary shareholders, which some US pension funds have criticized for effectively making Musk unfireable.