Musk Predicts $1T SpaceX Revenue by 2030; Banks See Less

Elon Musk posted on X over the weekend: ‘I think SpaceX might be able to reach approximately $1T revenue in 2030’ and added he would be surprised if revenue were not greater than $1 trillion in 2031. The post came days after SpaceX completed the largest public offering in history, a debut that pushed the company’s valuation past $2 trillion and left Musk with 82.4% of voting power.

Morgan Stanley, a lead underwriter, projects about $330 billion in revenue for 2030 and models roughly $160 billion by 2028. Goldman Sachs also forecasts substantial AI-related revenue gains but estimates well below Musk’s figure. Both banks base their forecasts on rapid expansion of SpaceX’s cloud computing and artificial intelligence infrastructure.

SpaceX reported $18.7 billion in revenue for 2025, up from $14 billion in 2024 and about $10 billion in 2023. Starlink, the company’s satellite internet network, generated $11.4 billion in 2025 and had about 10.3 million subscribers by March 2026, up from 8.9 million a year earlier.

Morgan Stanley’s 2030 estimate includes roughly $190 billion tied to AI infrastructure. SpaceX’s AI and data-center unit recorded $3.2 billion in revenue in 2025 and a $6.4 billion operating loss that year. Bank models assume large increases in those services over the period.

Reaching $1 trillion in annual revenue by 2030 would require roughly a 53-fold increase from 2025 levels. No company near SpaceX’s current size has achieved that rate of growth in a comparable period.

SpaceX reported a steep quarterly loss in early 2026, reflecting investment in satellite deployments and data-center infrastructure for AI services.

Underwriters and analysts have published a range of scenarios for SpaceX’s future revenue, from bank models of about $160 billion by 2028 and $330 billion in 2030 to the company’s public projection of about $1 trillion in 2030.