Morgan Stanley analysts substantially raised their financial forecasts for SpaceX, bringing forward the point at which free cash flow turns positive from 2035 to 2031. Revenue and earnings forecasts were also nearly doubled, while projected debt issuance is expected to be reduced by approximately $280 billion.
In its latest investor report on SpaceX, Morgan Stanley analyst Adam Jonas (アダム・ジョナス) substantially raised his revenue and earnings forecasts and brought forward the point at which free cash flow turns positive to 2031. This is expected to reduce projected debt issuance by approximately $280 billion.
Compared with the forecasts before the revisions, he raised revenue forecasts for fiscal 2027 and fiscal 2028 to $175 billion and $289 billion, respectively, and indicated that operating profit would reach $119 billion in 2028. He also forecasts that total borrowings in 2031 will fall to $390 billion.
SpaceX's forecast P/E is expected to be approximately 17.6x, while its compound annual growth rate for 2026-2030 is estimated at approximately 150%. The report also notes market concerns about increased demand for AI data center investment and capital expenditures.
The current share price has remained subdued even after the report was released, with a decline observed in after-hours trading. Market participants say they want to assess the need for capital raising and the impact of the macroeconomic environment.