Businessman Elon Musk stated that SpaceX, the North American rocket and satellite company that he leads, could exceed US$ 1 trillion in annual revenue by 2031. “And I would be surprised if revenue is not greater than $1T in 2031”, said Musk this Sunday on X, amid skepticism from analysts and journalists about the company’s ability to increase its revenue at this speed.
SpaceX ended 2025 with revenue of US$18.7 billion and a net loss of US$4.9 billion.
The company raised US$85.7 billion in its initial public offering (IPO) in the US after underwriters officially exercised their option for an over-allotment of shares, Elon Musk’s company said on Monday in a statement.
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This Monday, the company’s shares were trading up 10%, at US$ 177.15 at around 1:47 pm (Brasília time), after debuting with an increase of 19% on Friday on the Nasdaq.
Musk’s number is three times higher than a Morgan Stanley revenue forecast and would represent a 66-fold increase compared to 2025, giving an average annual growth rate well above 100%. No one has ever accused Musk of having small goals.
Key to increasing sales will be in-orbit AI data centers, which SpaceX plans to begin deploying in 2028. SpaceX’s ground-based data centers, which were owned by xAI before it was merged into SpaceX in February, are leasing computing capacity to Anthropic and Google for billions of dollars a month.
Musk is helping, but so is the broader market, which rose after the U.S. and Iran said they had agreed to an interim peace deal to end fighting in the Middle East.
SpaceX is not yet a member of the S&P 500 because newly listed companies must wait at least 12 months before being considered for inclusion in S&P Dow Jones Indices.
It would have been the second-best performer in the S&P 500 for most of Monday’s premarket, trailing only memory chip maker Micron Technology. Hard drive makers Seagate Technology and Western Digital also rose more than 5%.
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