Morgan Stanley is projecting that SpaceX's revenue could reach $3.4 trillion in 2040, the Wall Street Journal reported on Friday, citing people familiar with the matter.

The Wall Street giant is anticipating that revenue from SpaceX's AI ‌business will ⁠dramatically ⁠grow in the coming years, the report said.

Elon Musk's ​SpaceX began meeting with investors on Thursday in its IPO ​roadshow. The rocket and satellite maker is aiming to raise $75 billion, in what would be the ​biggest IPO ever.

Morgan Stanley projects ⁠SpaceX's AI ‌business will contribute around $190 billion ​in revenue ​in 2030, while total revenue is ⁠expected to be near $330 billion that year, ​the WSJ report said.

In 2025, SpaceX's revenue ​jumped to $18.67 billion from $14.02 billion a year earlier, but the company swung to a net loss of $4.94 billion from a profit of $791 million.

SpaceX's AI segment raked in $3.2 billion in revenue ‌in 2025.