Morgan Stanley sees SpaceX revenue hitting $3.4T by 2040!

Morgan Stanley projects SpaceX could generate $3.4 trillion in annual revenue by 2040, a forecast that would place the private space company among the most valuable enterprises in history. The projection reflects the bank's long-term conviction in SpaceX's ability to scale Starlink's satellite internet business alongside its launch and deep-space ambitions.

Why it matters

A $3.4T revenue target is not a rounding error — it implies SpaceX eventually rivals or surpasses today's largest public companies by top line alone. Morgan Stanley's coverage of SpaceX carries outsized weight because the bank has historically been one of the most prominent institutional voices on private space-sector valuations. When a bulge-bracket firm puts a multi-trillion-dollar number on a still-private company, it shapes how institutional allocators think about adjacent public equities and venture exposure in the sector.

Market impact

For investors, the projection reinforces the bull case for satellite internet infrastructure, launch services, and the broader commercial space economy. Public proxies — including aerospace suppliers, satellite operators, and telecom infrastructure plays — tend to re-rate when major banks publish landmark SpaceX forecasts. Traders will also watch for any secondary signal on a potential SpaceX IPO timeline, as a $3.4T revenue path materially changes the calculus on when and at what valuation a public listing becomes viable.