Key Points
Whether it's Starlink, data centers, or enterprise applications, SpaceX believes its total addressable market is tens of trillions of dollars.
The company is projected to grow revenue rapidly, but it generated only about $18.7 billion in 2025.
Much of the growth is dependent on businesses that still have much to build before they can start generating revenue.
Space Exploration Technologies Corp(NASDAQ:SPCX) recently completed its massive initial public offering, raising close to $86 billion.
The stock has also done well in its first few days of trading, having already surpassed a $2.8 trillion market cap, as of this writing.
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But Founder Elon Musk thinks there is much more to come for the largest IPO ever. In a post on X, the social media platform that SpaceX owns, Musk tweeted that he thinks SpaceX could generate $1 trillion of revenue in 2030.
I think SpaceX might be able to reach approximately $1T revenue in 2030
— Elon Musk (@elonmusk) June 14, 2026
That’s a big number to toss out because SpaceX only generated about $18.7 billion of revenue in 2025. However, it’s Musk’s exact thinking that has led so many investors to invest in the company.
SpaceX’s revenue levers
SpaceX has three main business divisions: space, connectivity, and artificial intelligence.
Image source: Getty Images.
The space division is essentially the rocket launch business that pioneered the concept of reusing rockets to launch at a much lower cost.
Connectivity is the low-Earth-orbit satellite internet service known as Starlink, and AI is the acquisition SpaceX made earlier this year of xAI, another company Musk founded.
The space business has the least amount of runway from a revenue perspective, but it is the engine that makes everything possible at the company, which plans to build and launch a lot of infrastructure into space.
Starlink is dependent on launching and replacing satellites in space, which power the satellite internet service that already has over 10 million users.
Starlink has over 10,400 satellites in orbit, with a total goal of 42,000.
Then there is the AI division, which has the largest growth runway. The division comprises the social media platform X, the AI intelligence platform Grok, the company’s land-based data centers, which it owns and operates, and a future terafab facility.
The hope is to eventually launch orbital data centers to power a significant chunk of AI compute. This would be done through SpaceX’s super-heavy-lift launch vehicle called Starship.
The AI division is going to make or break the company. SpaceX claims to have a total addressable market (TAM) of $28.5 trillion.
Roughly $26.5 trillion of that is attributed to AI, and roughly $22.7 trillion of that is for an opportunity the company calls enterprise applications.
Enterprise applications is a bit of a vague concept, but essentially refers to building an agentic AI platform that can emulate digital workflows that will radically transform how companies operate.
Is $1 trillion in revenue possible?
SpaceX is certainly going to grow revenue quickly, and we already got a glimpse of this.
The company has announced two new contracts to lease its data centers to Google and Anthropic for $2.2 billion per month, or about $26 billion annually.
That’s already more revenue than the company generated in 2025, suggesting that if SpaceX can launch orbital data centers, it could generate much more.
Even so, $1 trillion still seems quite outlandish.
During SpaceX’s road show, where investment bankers pitched the IPO to prospective investors, Goldman Sachs bankers reportedly projected that the AI division would grow 100-fold to roughly $322 billion by 2030, and that the company would report total revenue of $474 billion in 2030.
That’s a big statement, but it’s still less than half of what Musk is projecting.
While SpaceX said in its prospectus that it could start launching orbital data centers by 2028, I would take this timetable with a grain of salt. Musk is known for being early on his timelines.
I suspect the company will be able to grow revenue quickly, but I don’t see enough evidence to suggest that $1 trillion of revenue in 2030 is in the cards right now.
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Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
