Investor materials reported by the Wall Street Journal project AI will drive most of SpaceX’s growth, even as the company posted $18.7 billion in 2025 revenue and a $4.9 billion loss.
Morgan Stanley shared investor analysis indicating SpaceX revenue could reach $3.4 trillion by 2040, with adjusted EBITDA above $2.7 trillion, as artificial intelligence emerges as the centerpiece of long-term growth. The Wall Street Journal said the bank expects SpaceX’s AI division, which generated $3.2 billion in 2025 revenue, to climb to nearly $190 billion by 2030 and become the company’s largest business. Goldman Sachs, also involved in the planned IPO, projected an even larger AI contribution of nearly $322 billion by 2030, with total revenue reaching $474 billion and adjusted EBITDA of $352 billion. The forecasts stand in sharp contrast to SpaceX’s current financial profile: revenue rose 33% from $14 billion in 2024 to $18.7 billion in 2025, while net income swung from a $791 million profit to a $4.9 billion loss amid heavy spending on satellites and AI infrastructure.