Elon Musk projected that SpaceX could generate approximately $3.5 trillion in annual revenue by 2033, seven years ahead of Morgan Stanley’s estimate for reaching the same benchmark. SpaceX reported second-quarter revenue of $7.81 billion, up 92% year over year, implying an annualized pace of about $31 billion. Reaching the target would require roughly 96% compounded annual growth for seven consecutive years. Connectivity services contributed $4.29 billion, followed by artificial intelligence at $2.56 billion and traditional space operations at $962 million. SpaceX also spent $18.37 billion on capital projects during the quarter. The company unveiled Starbase Louisiana, a planned $100 billion launch complex, with construction scheduled to begin in 2027 and its first Starship flight planned for 2029. Morgan Stanley analyst Adam Jonas kept an Overweight recommendation, calling the shares attractively valued, while its $137 price target sits below SpaceX stock’s $141.50 close. The firm’s projections also cover expanded launch capacity and orbital computing, with each additional 1 GW of computing infrastructure estimated to add about $27 per share to valuation.