Elon Musk has estimated that SpaceX stock could be supported by annual revenue of roughly $3.5 trillion by around 2033, placing his forecast ahead of Wall Street’s current timeline. The projection follows a Morgan Stanley analysis that maintained an Overweight rating and a $300 target for SpaceX stock, citing the company’s expansion across connectivity, space launches, and artificial intelligence.
Elon Musk has estimated that SpaceX stock could be supported by annual revenue of roughly $3.5 trillion by around 2033, placing his forecast well ahead of Wall Street’s current timeline. Musk shared the estimate Thursday while responding to Morgan Stanley’s analysis, highlighting the company’s potential expansion across connectivity, space launches, artificial intelligence, and related technology businesses.
Morgan Stanley recently referred to SpaceX as an “attractively valued” company following its announcement about the Starbase Louisiana project. The bank maintained its Overweight rating and $300 target for SpaceX stock, implying more than 100% upside from its previous closing price.
Morgan Stanley’s existing 2040 model assumes SpaceX could generate $3.5 trillion in annual revenue, partly driven by a much higher Starship launch cadence. The Louisiana Starbase facility development might result in an even faster launch schedule than assumed by the bank now.
Based on financial disclosures, SpaceX reported $18.67 billion in 2025 revenue, growing 33% compared to 2024’s $14.02 billion and 2023’s $10.39 billion. The connectivity area led by Starlink contributed $11.387 billion in revenue, which accounted for 61% of overall revenue and produced $4.423 billion in operating income.
SpaceX operates in a broad area that goes beyond satellite connectivity and rocket launches. In IPO disclosures, SpaceX estimated its quantifiable total addressable market at $28.5 trillion without China and Russia, including $26.5 trillion for artificial intelligence, $1.6 trillion for connectivity, and $370 billion for space-enabling solutions.
Musk has separately said SpaceX could generate approximately $1 trillion in revenue by 2030, with a non-zero possibility of reaching that level in 2029. CFO Bret Johnsen also said cloud agreements and the Cursor acquisition put the company on a trajectory toward $100 billion in annualized revenue by December.
Retail market sentiment remains more cautious than the company’s long-term revenue projections. Stocktwits showed bearish sentiment toward SpaceX stock during the previous 24 hours, while message volume remained low.
