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News from IT House on June 5th.SpaceX 1.77 trillion United States dollars (US$ 1.7 trillion) is being sought for IPO (IT House Note: The current exchange rate is about RMB 12.02 trillion). According to the Wall Street Journal #5 (today) evening, in order for investors to accept this goal, the underwriting bank's statement is straightforward: to look far enough.

According to the source, the analysis that Morgan Stanley shared with the core investors on Thursday shows that Camp SpaceX received a potential of $3.4 trillion in 2040 (the current exchange rate is approximately 23.08 trillion yuan), and that the EBITDA could exceed $2.7 trillion in 2040 (the current exchange rate is about 18.33 trillion yuan yuan).

By contrast, SpaceX collected $18.7 billion in 2025 (the current exchange rate is about $12.695 billion) and lost $4.9 billion. SpaceX plans to finance about $75 billion next week, which, if successfully completed, will be the largest IPO in history.

When an IPO promotion approaches start-up, underwriting banks usually share performance projections with some investors. These projections were given by the bank seller analyst, who was independent of the investment bank team responsible for IPO itself.

According to sources, both Goldman Sachs and Morgan Stanley's research analysts predict that SpaceX will receive close to $160 billion in 2028 (the current exchange rate is approximately RMB 1.09 trillion).

There was a difference in judgement in 2030. Goldman Sachs predicts that SpaceX will receive more than $470 billion (the current exchange rate is about $3.19 trillion) and Morgan Stanley is expected to receive nearly $33 billion (the current exchange rate is about $224 trillion).

Both banks believe that if SpaceX is to reach this scale, the key will be AI business. Goldman Sachs and Morgan Stanley predict that after this year, AI operations will become the main source of SpaceX revenue and will achieve rapid growth. Goldman Sachs expects that AI operations will contribute approximately $32.2 billion in 2030 (the current exchange rate is about $2.19 trillion), while Morgan Stanley expects approximately $190 billion in the same year (the current exchange rate is about $1.29 trillion). SpaceX was disclosed in 2025 and still in the early stages of the AI sector received $3.2 billion.

Goldman Sachs and Morgan Stanley also predicted that SpaceX, adjusted in 2028, EBITDA would reach approximately $110 billion (the current exchange rate is approximately $74,669 million). By 2030, Goldman Sachs expects this figure to reach $352 billion, while Morgan Stanley expects $230 billion.

This time, SpaceX, with 21 banks involved, Goldman Sachs and Morgan Stanley took the first two roles, and it is hoped that the largest share of the hundreds of millions of dollars in underwriting costs will be allocated.

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