Morgan Stanley projects SpaceX annual revenue will reach $3.4 trillion by 2040.
Adjusted EBITDA could exceed $2.7 trillion by that same year.
The bank shared these figures with top investors during an IPO roadshow to raise $75 billion.
The offering aims to justify a $1.77 trillion valuation.
The bank expects a massive expansion into artificial intelligence to generate nearly $190 billion by 2030.
SpaceX reported a $4.9 billion net loss for 2025.
Total revenue for that year reached $18.7 billion.