The two major lead underwriters are optimistic about the future prospects of AI, with Morgan Stanley predicting that SpaceX's (SPCX.US) revenue will reach $34 trillion in 2040.

At the launch of SpaceX's first public offering (IPO) roadshow, one of the lead underwriters, Morgan Stanley, disclosed an optimistic forecast report to large institutional investors, expecting SpaceX's revenue to reach $3.4 trillion by 2040, with adjusted EBITDA exceeding $2.7 trillion. SpaceX began holding roadshow meetings with potential investors this past Thursday and plans to go public next week, raising $75 billion. Financial data shows that SpaceX achieved revenue of $18.67 billion in 2025, an increase of about 33% from the previous year's $14.02 billion; however, the company's net profit turned from $791 million in the previous year to a net loss of $4.94 billion during the same period. It is worth noting that the two main underwritersGoldman Sachs Group, Inc. and Morgan Stanleyboth consider the artificial intelligence business as the core driver for SpaceX's future growth. According to Morgan Stanley's estimates, SpaceX's total revenue is expected to reach around $160 billion by 2028 and increase to about $330 billion by 2030. The revenue from AI business is projected to reach $190 billion by 2030, accounting for more than half of the total revenue. The data shows that the revenue from this business was only $3.2 billion in 2025, with the potential for explosive growth in the coming years. Goldman Sachs Group, Inc. provides a more aggressive forecast. The bank predicts that SpaceX's total revenue will reach $474 billion by 2030, with the AI business contributing $322 billion, an increase of over 100 times from 2025, accounting for close to 70% of the total revenue. In comparison, the traditional rocket launch business is expected to contribute revenue of about $8 billion, while the communication business revenue is estimated at $140 billion. This forecast model implies that, according to Goldman Sachs Group, Inc., the future SpaceX will no longer be primarily a rocket manufacturing and satellite operation company but will be a technology giant with artificial intelligence as its core profit source. A total of 21 investment banks are participating in the SpaceX IPO. Goldman Sachs Group, Inc. and Morgan Stanley have secured the first and second largest lead underwriter positions, expected to share the largest portion of the total millions of dollars in underwriting fees. In addition to these two institutions, Wall Street giants such as Bank of America Securities, Citigroup, and JPMorgan Chase are also participating in this offering. Based on the calculation models presented by the two top investment banks to institutional investors, the AI business has become a key variable for capital markets to assess SpaceX's long-term value.