Elon Musk said SpaceX could be pulling in between $500 billion and $1 trillion a year by the end of 2027, a forecast that would turn the company’s revenue profile on its head. At the upper end, that would mean monthly revenue of about $83.3 billion, compared with the $32 billion SpaceX generated over the last four quarters.
The forecast matters now because it landed as Musk discussed SpaceX’s third-quarter operating results, giving investors a fresh way to think about a stock that has already been priced for extreme growth. SpaceX peaked at $225 after its June listing and later fell 29% to $159.31 as of the market close on Wednesday, Oct. 21, while still trading at a trailing price-to-sales ratio of 67.5, far above the Nasdaq-100’s 6.7.
That gap is the story inside the story. A company valued at 67.5 times sales is already carrying a steep assumption about future expansion, yet Musk’s new target asks the market to stretch even further. On a $500 billion annualized revenue assumption, the math also implies a forward price-to-sales ratio of about 4.3 if the stock price stayed where it closed on Wednesday, Oct. 21. That is because a valuation of $159.31 against a much larger revenue base would compress the multiple sharply, but only if SpaceX gets anywhere near the scale Musk described.
SpaceX began as a rocket company built to lower the cost of space transportation, but the business has widened into satellite internet connectivity and artificial intelligence. Musk said the company wants the world’s most powerful AI training cluster online by mid-2027, built around 440,000 Nvidia Vera Rubin graphics processing units, and the article says most of SpaceX’s current revenue now comes from its super intelligence business. He also said Grok Bot, SpaceX’s autonomous AI agent, has become the fastest-growing product he has ever seen.
That is why the revenue forecast cannot be read in isolation. SpaceX currently sends around 2,500 tons’ worth of payloads into orbit each year, but Musk believes that figure could one day reach 10 million tons, and he says around 90% of the world’s satellites and other space-bound commercial payloads already go up on SpaceX rockets. The company also leases computing capacity from the Colossus data centers to other businesses like Anthropic and Alphabet, showing how far it has moved beyond launch services alone.
The unresolved question is not whether Musk is aiming higher. It is how SpaceX would get from $32 billion in trailing revenue to a run rate between $500 billion and $1 trillion by the end of 2027, and whether the market will keep paying today’s multiple while it waits for that scale to arrive.
