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.

Meanwhile, Goldman Sachs is expecting revenue from SpaceX's AI division to surge to $322 billion by 2030, the Financial Times reported ‌on Thursday.

Morgan Stanley is among the lead ⁠underwriters for SpaceX's IPO, besides Goldman ​Sachs, BofA Securities, Citigroup and J.P. Morgan.

A spokesperson for Morgan Stanley did not immediately respond to Reuters' request ​for ‌comment. Reuters could not independently verify the ⁠report.

(Reporting by Arasu Kannagi ​Basil in Bengaluru; Editing by Shinjini Ganguli)