Musk says $1 trillion in SpaceX revenue by 2028 is ‘no longer impossible’
The 2028 possibility moves forward a timetable Musk described in August, though it would require growth far beyond SpaceX’s reported revenue last year.
Elon Musk said on October 20 that SpaceX reaching $1 trillion in revenue in 2028 was ‘no longer impossible,’ raising the possibility of an earlier milestone for the US company after its third-quarter earnings webcast. The figure is Musk’s assessment of what might happen, rather than a company revenue target, Business Insider reported.
In August, Musk said SpaceX internally projected $1 trillion in revenue in 2030 and saw a ‘non-zero’ chance of getting there in 2029, according to Business Insider. His latest comment moves the possible date forward again, even as the company’s reported revenue remains far below that level.
How SpaceX’s reported revenue compares
SpaceX earned just under $19 billion in 2025, Business Insider reported. Reaching $1 trillion in 2028 would mean generating roughly 53 times that annual amount within three years. JPMorgan forecast $254 billion in SpaceX revenue for 2027 in a post-earnings note cited by Business Insider, well short of the pace implied by Musk’s 2028 possibility.
The company reported third-quarter 2026 revenue of $14.6 billion, up 161% from a year earlier, and net income of $4.4 billion, CNBC reported. Its forecast for the first quarter of 2027 was $33 billion to $37 billion in revenue, above the $22.2 billion average analyst estimate cited by CNBC. Those figures show the scale of recent growth but cover different periods from Musk’s annual 2028 figure.
SpaceX chief financial officer Bret Johnson attributed the quarterly revenue increase to continued growth in its connectivity business and expansion of its Super Intelligence infrastructure, according to the earnings release quoted by CNBC. CNBC reported that SpaceX’s AI revenue reached $7.56 billion in the quarter. Its Starlink satellite internet service has long been a major source of revenue, while AI has become an increasingly significant business line, Reuters reported.
Musk’s separate 2027 recurring-revenue estimate
On the earnings webcast, Musk said annual recurring revenue could reach $500 billion to $1 trillion by the end of 2027, Business Insider reported. That measure describes revenue at an annualised rate at a particular point; it is distinct from revenue earned over a full year. Musk’s subsequent post concerned total revenue in 2028, and it was not immediately clear whether his figure included Tesla, Business Insider reported.
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Sources and context
- Elon Musk: SpaceX crossing $1 trillion of revenue in 2028 is 'no longer impossible'Business Insider
- SpaceX up 8% in premarket after earnings beat and Musk hints at Tesla tie-upCNBC
- Musk calls Tesla-SpaceX merger 'good idea'The Korea Herald (Reuters report)
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.