Future

Space

Starlink

Elon Musk

<p>Elon Musk is about to leave a brilliant mark on the marble of global markets. With SpaceX, he no longer sells just rockets, but a promise crafted like an overpriced Swiss watch. Wall Street already sees this IPO as a treasure chest open to space, AI, and orbital power.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
  <ul>
   <li>SpaceX aims for a historic IPO of $75 billion with a valuation close to $1.75 trillion.</li>
   <li>Morgan Stanley envisions SpaceX with $3.4 trillion in annual revenue by 2040.</li>
   <li>The AI business could surpass Starlink and become SpaceX’s main future financial driver.</li>
   <li>Starlink has 10.3 million subscribers and over 9,600 currently active satellites.</li>
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<h2 id="h-spacex-loses-big-but-aims-for-a-historic-crown">SpaceX loses big but aims for a historic crown</h2>
<p>SpaceX is preparing <a href="https://www.cointribune.com/en/spacex-historic-ipo-doge-wakes-up/" rel="noopener noreferrer nofollow">an IPO</a> that could become the biggest stock market launch ever made. The company aims to raise $75 billion, with a valuation close to $1.75 trillion. Yet, the financial present remains less golden than the showcase.</p>
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<p>In 2025, SpaceX generated $18.7 billion in revenue, up from $14 billion in 2024. This 33% increase did not prevent a net loss of $4.94 billion, after a profit of $791 million the previous year.</p>
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<p>Indeed, SpaceX invests heavily in its satellites, infrastructures, and AI business. Wall Street therefore does not only look at the current income statement. It buys a trajectory, almost a custom-tailored suit made for patient investors.&nbsp;</p>
<p>Morgan Stanley already projects $330 billion in revenue by 2030, then <a href="https://www.reuters.com/legal/transactional/morgan-stanley-expects-spacex-revenue-hit-34-trillion-2040-wsj-reports-2026-06-05/" rel="noopener noreferrer nofollow">$3.4 trillion in 2040</a>.</p>
<h2 id="h-ai-becomes-the-hidden-diamond-of-the-rocket">AI becomes the hidden diamond of the rocket</h2>
<p>The core narrative changes abruptly: SpaceX is no longer described just as a space company. Banks now present <a href="https://www.cointribune.com/en/spacex-acquires-xai-as-musk-pushes-ai-computing-beyond-earth-power-limits/" rel="noopener noreferrer nofollow">its AI business</a> as the future main driver. In 2025, this division generated $3.2 billion. Morgan Stanley already envisions $190 billion in AI revenue by 2030. Goldman Sachs pushes the figure as far as $322 billion.</p>
<p>This shift explains Wall Street’s almost royal enthusiasm. Rockets inspire dreams, but <a href="https://www.cointribune.com/en/tag/artificial-intelligence-en/" rel="noopener noreferrer nofollow">artificial intelligence</a> promises empire-sized margins. In this financial jewelry, each algorithm becomes a precious stone placed on the SpaceX crown.&nbsp;</p>
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<p>Goldman sees total revenue exceeding $470 billion by 2030. Morgan Stanley remains lower, around $330 billion, but still forecasts $230 billion in adjusted EBITDA.</p>
<p>In other words, banks sell not so much today’s SpaceX but the theoretical SpaceX of tomorrow. This bet remains dizzying because it turns a loss-making company into a future industrial palace.</p>
<h2 id="h-starlink-china-excluded-the-other-side-of-the-orbital-palace">Starlink, China excluded: the other side of the orbital palace</h2>
<p>Starlink remains a major piece of the file. The service reportedly has 10.3 million subscribers in 164 countries, with more than 9,600 satellites in orbit. Goldman Sachs estimates that Starlink could generate $144 billion in revenue by 2030. Space launches would grow more modestly, from 4.1 to 8.3 billion over the same period.</p>
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<p>Then, geopolitics enters the VIP room. According to Reuters, investors from China and Hong Kong would be <a href="https://www.reuters.com/legal/government/spacex-ipo-bars-investors-china-hong-kong-bloomberg-news-reports-2026-06-05/" rel="noopener noreferrer nofollow">excluded from the IPO</a>. Banks cite regulatory and compliance reasons. This restriction reminds us that SpaceX is not an ordinary company. It touches satellites, data, AI, and sovereignty.</p>
<h3 id="h-the-figures-that-shine-in-the-file">The figures that shine in the file</h3>
<ul>
 <li>SpaceX aims to raise about $75 billion in its IPO;</li>
 <li>The sought valuation approaches $1.75 trillion;</li>
 <li>SpaceX reports a net loss of $4.94 billion in 2025;</li>
 <li>Starlink claims 10.3 million subscribers in 164 countries;</li>
 <li>The AI business already accounts for $3.2 billion in annual revenue.</li>
</ul>
<p>SpaceX’s IPO now seems imminent, but not everything shines like champagne in a presidential suite. Future shareholders will also have to look at the <a href="https://www.cointribune.com/en/spacex-adds-shareholder-dilution-warning-before-public-debut/" rel="noopener noreferrer nofollow">dilution risk</a> flagged by the company. Even in orbital luxury, a promise can be costly when new shares later arrive on the market.</p>

SpaceX still loses billions but Wall Street promises it a dizzying future

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