Morgan Stanley projects SpaceX’s annual revenue could reach $3.4 trillion by 2040. The estimates were shared with top investors to support the rocket maker’s current $1.77 trillion valuation.
The bank’s long-term forecast reflects growing confidence in SpaceX’s core businesses. Its Starlink satellite internet service is expected to generate the bulk of future revenue. Launch services and the Starship rocket system also factor heavily into the projections.
SpaceX’s valuation has surged in recent years due to its dominance in space transport. The company launches more payloads than any other provider globally. Its reusable rocket technology has reshaped the industry cost structure.
Starlink now serves over 4 million subscribers across 100 countries. The network continues expanding with new satellites launched regularly. Morgan Stanley sees this segment becoming a major revenue engine for decades.
The Starship program remains central to SpaceX’s long-term growth. The fully reusable rocket aims to lower launch costs further and enable deep-space missions. Starship could open new markets for cargo delivery and human spaceflight.
Other analysts question whether SpaceX can sustain such rapid growth. Competition from Amazon’s Project Kuiper and other launch providers may pressure margins. Regulatory hurdles and technical challenges also pose risks to Starlink’s expansion.
Morgan Stanley’s figures suggest SpaceX may capture a significant share of the space economy. The bank estimates the global space industry could be worth over $10 trillion by 2040. SpaceX’s vertically integrated model positions it to benefit across multiple sectors.
The projections highlight investor enthusiasm for private space companies. SpaceX’s valuation already exceeds most public aerospace firms. The company shows no near-term plans for an initial public offering.
