Morgan Stanley told investors Thursday that the rocket firm could generate $3.4 trillion in revenue by 2040. The projection backs the $1.77 trillion valuation SpaceX seeks in an IPO that would raise roughly $75 billion, the largest public offering ever to date. The bank shared the outlook as SpaceX circulates a draft prospectus to a select group of institutional buyers.

SpaceX posted $18.7 billion of revenue in 2025 but recorded a $4.9 billion loss, reflecting heavy spend on launch infrastructure and Starlink expansion. Morgan Stanley paired the outlook with adjusted EBITDA of $2.7 trillion in 2040, while Goldman Sachs projected near‑$160 billion revenue by 2028. The aggressive launch cadence and growing satellite fleet fuel that spending, drawing attention from rivals such as Blue Origin.

Investors will weigh whether the speculative long‑term figures outweigh the current cash burn as the company prepares to list. If the IPO proceeds, the influx of capital could accelerate satellite broadband rollout and deep‑space vehicle development, potentially reshaping aerospace financing. Analysts expect the shares to trade at a premium to comparable peers, forcing the market to price future growth against present consumption.